According to the Department of Economy and Information Technology of the Tibet autonomous region, the region will implement a new regulation on promoting the development of small and medium-sized enterprises (SMEs) starting Wednesday. The new regulation was drafted earlier this year and solicited public opinion over the past year, said Yang Hong, deputy head of the department, during a news conference on Tuesday.
The Tibet autonomous region has been implementing various decisions and arrangements by the regional Party committee and government in recent years to promote the development of SMEs, said finance official Wang Chunyan. A series of fiscal and tax support policies have been formulated, which have played a crucial role in promoting the healthy development of small and medium-sized enterprises in the region, Wang added.
The new regulation includes several government policies and measures aimed at supporting the development of SMEs in the region, such as special funds, fiscal policies, tax reductions, fee reductions, and government procurement. These measures are expected to create a more favorable environment for the development of SMEs in Tibet and promote economic growth in the region.
The implementation of the new regulation reflects the government’s commitment to promoting the development of SMEs, which are considered the backbone of the economy in many countries. By providing a supportive environment for the growth of SMEs, the government can create more job opportunities, increase competition, and spur innovation, leading to sustainable economic development.