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Premier Li urges favorable financing policies for small, micro businesses

Updated: June 1, 2020 17:35

Premier Li Keqiang on June 1 inspected Blue Wisdom Valley, a digital innovation zone in Yantai city, East China's Shandong province, and met with owners of small and micro enterprises there.

The Premier inquired about the implementation of financial support policies regarding effective interest rate in financing, line of credit, state of operation, among others.

One owner, specializing in Internet Plus Education, told the Premier that it is inefficient fixed assets that plague them the most, and the credit line is only 5 million yuan ($702,435).

After learning that holders of PhD and Master's degrees represent 30 percent of the staff, Premier Li said to Yi Gang, head of the Central Bank, who accompanied his inspection, that innovation-oriented companies are now of new business types, which stress talent rather than funds. Banking institutions should consider making intellectual properties as well as human resources capital a basis of financing assurance, he said.

The business owner told Premier Li that he would employ over 500 university graduates if the policy can be implemented, while the Premier promised to offer stronger support in return.

This year's number of university graduates surged to a new high of 8.74 million, and it is hoped that enterprises can recruit more employees, especially university graduates, said Premier Li, adding that the government would offer more favorable financial support to those enterprises.