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1st LD-Writethru: China to set up 60-bln-yuan fund to support SMEs

Xinhua, September 1, 2015 Adjust font size:

China will set up a 60-billion-yuan fund (9.4 billion U.S. dollars) to support small and medium-sized enterprises (SMEs), the cabinet said on Tuesday.

The national SME development fund aims to alleviate financing difficulties for SMEs and intensify efforts to promote widespread entrepreneurship and innovation and create new growth momentum, said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang.

The central government will provide 15 billion yuan for the fund, while the rest will be raised by private firms, state-owned enterprises, financial institutions, local governments and others, according to the statement.

The cabinet also decided to lower the threshold for investment in certain industries, reducing the minimum capital ratio for investments in harbors and airports from 30 percent to 25 percent, from 25 percent to 20 percent for railways, highways and subways, and from 30 percent to 20 percent for corn deep processing projects.

For industries with overcapacity, China will maintain relatively high minimum capital ratios between 30 and 40 percent, said the cabinet.

In a separate move, China will set up a hierarchical medical system to improve services at county- and township-level health centers, especially in less-developed areas.

The government is urging hospitals at different levels to recognize each others' patient medical results, while encouraging the elderly and parents of children to sign contracts with doctors to receive regular medical services.

The cabinet also decided to submit the draft for China's film industry promotion act to the Standing Committee of the National People's Congress for discussion. Endi