Taking advantage of special financial funds and governmental industrial funds, Shanxi province has enacted policy packages for the past two years to stimulate local economies.
The policy packages deal with technical upgrading of companies, applications of big data industry, innovation and entrepreneurship in small and medium-sized enterprises.
To advance technical upgrading of Shanxi businesses, Shanxi has set aside a special fund and offers 1 billion yuan ($150.78 million) for projects such as intelligent manufacturing, public platforms and technical innovation.
In the sector of big data industry, the province has enacted preferential policies like tax relief and bonuses. A provincial special fund worth 400 million yuan has been established to facilitate development of big data.
A sum of 300 million yuan has been funded to small and medium-sized enterprises to solve their financing difficulties and problems in innovation and entrepreneurship.
