Industry backed up

THE city government has appropriated an additional 50 million yuan ($7.32 million) to back up industry in terms of interest-subsidized loans, signaling willingness to overcome the global financial tsunami. It will earmark 500 million yuan ($73.2 million) in fiscal revenue, 100 million yuan ($14.64 million) more than that of this year, in 2009 to increase support of industrial development, the municipal Finance Department announced.
The additional funds will be used on small and medium enterprise (SME) projects by granting discount loans, providing interest subsidy, supporting technical upgrading, helping expand the domestic market and encouraging general export. SMEs can apply for the funds by the end of this month.
Funds for industrial development totaled nearly 400 million yuan ($58.57 million) including 340 million yuan ($49.78 million) granted early this year. The remaining 250 million yuan ($36.6 million) of exclusive funds will also be used on industrial backup measures.
The fiscal funds help strengthen investment confidence and a “four-in-one” finance scheme in which venture capital, bank, government and enterprise form a consortium will be fully promoted, a Finance Department official noted.