Baiyun gives 54.29 million yuan in subsidies to companies

The Baiyun district of Guiyang -- capital city of China's Southwest Guizhou province -- has released funds to support the development of enterprises under its jurisdiction and promote the stable operations of the local economy.

To date, the district has allocated 54.29 million yuan ($8.16 million) in financial support funds, benefiting 299 enterprises and more than 1,200 staff members.

For enterprises above a designated size that maintain continuous production or operations, or key projects under construction or in the planning stage, those eligible got grants to boost their production and efficiency. Companies above a designated size is a statistical term referring to businesses with annual revenue of 20 million yuan or more.

At present, it is understood that a total of 25.84 million yuan has been allocated, benefiting 176 enterprises.

Meanwhile, employees from outside Guizhou province working in Baiyun enterprises above a designated size -- or those working for key projects under construction or in the planning stage -- got a 1,000 yuan cash red envelope to spend during the Spring Festival holiday in the district.

A total of 790,000 yuan was issued in the initiative, benefiting 1,200 people from 123 companies.

Meanwhile, in order to resolve operational difficulties of businesses and to support their development, the Baiyun district finance bureau is trying to get funding at the municipal, provincial and national levels.