East China's Anhui province unveiled a package of measures to promote high-quality economic development, vowing to pour more than 22 billion yuan ($3.5 billion) into the real economy and the field of science and technology, the provincial government said at a press conference Wednesday.
In February, the Anhui Provincial Committee of the Communist Party of China (CPC) and the provincial government jointly released a document titled Several Decisions on Promoting High-Quality Economic Development. It reveals a slew of financial and land-related initiatives, sending a supportive signal to enterprises and the public.
Among the 94 policies, 79 ones are newly proposed.
According to the document, more than 22 billion yuan will be allocated this year to boost the real economy and sci-tech innovation.
As Anhui's economy is transitioning from a phase of rapid growth to a stage of high-quality development, government policies will focus on innovation-driven development, supply-side structural reforms, and battles against potential risk, poverty and pollution, Li Bifang, an official said at the conference.
The document proposes many measures to slash corporate costs and increase financing capacity.
Rough calculation shows those measures will help local companies cut costs worth over 100 billion yuan. The deduction of land-using tax alone will reduce costs of some 5.5 billion yuan.