New rules to be implemented next year

The newly-edited rules on Guizhou's small and medium-sized enterprise (SME) promotion were approved on Oct 31 and will go into effect on Jan 1, 2023, according to local news reports on Oct 31.

The new rules clarified that governments above the county level need to establish a government financial guarantee system and fault-tolerant mechanism and strengthen support of government-controlled financing institutions through capital injection and risk compensation.

The government should also encourage financial institutions to expand their credit loan scales for SMEs.