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 Notice Issued on Administrative Measures for Loan Interest Subsidies for Ethnic Trade and Production of Specially Needed Ethnic Goods
Category:Legislative Updates  
Subject:Fiscal policy and taxation  
Keywords:ethnic trade;  specially needed ethnic goods
Publish Date:06-23-2022
Recently, three departments including the Ministry of Finance issued the Measures for the Administration of Loan Interest Subsidies for Ethnic Trade and Production of Specially Needed Ethnic Goods, effective from the date of promulgation.
According to the Measures, this loan interest subsidy policy is applicable to loans for ethnic trade and specially needed ethnic goods. Local governments may determine subsidy rates within their jurisdiction to the limit of the approved subsidies by considering factors such as the scale of local loans and the scale of interest discount funds. Enterprises in this sector should apply for loan interest subsidies with local departments in charge according to local policies. The central financial department should arrange for annual budgets on guidance funds according to financial resources and actual needs. Furthermore, the Measures also specify that the guidance funds should be appropriated by factors such as the number of enterprises engaged in ethnic trade and ethnic products, the scale of loans, and the expenditure of interest discounts. Relevant departments should make adjustments through coefficient of financial hardship, and build a control system to increase or reduce the funds.
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