Workers man an assembly line at an auto factory in Qingzhou, Shandong. WANG JILIN/FOR CHINA DAILY

Shandong province has launched a slew of preferential measures and policies for micro, small and medium-sized enterprises and self-employed households, to promote employment stability by keeping the operations of market entities stable, according to local authorities.

"Last year, we spent a lot on contracted projects and had difficulty in capital flow. Recently, we received 54.15 million yuan ($8.05 million) in tax refunds, which relieved us greatly," said Su Aijun, a financial director of a micro company in Heze.

Affected by the COVID-19 pandemic, many market players are in urgent need of increasing assistance, said Shandong officials, adding that implementing a large-scale VAT tax rebate policy is a key measure to maintain steady growth, stabilize market entities and ensure employment.

"All outstanding VAT credits to micro and small enterprises and self-employed households will be refunded by June 30. The time limit will be made applicable to eligible medium-sized firms to complete their tax refunds ahead of schedule," said Liu Xingyun, director of the Shandong Provincial Department of Finance.

"We will also expand the implementation of policies, such as deferred payments of social insurance premiums, and open up and smooth out logistics services to help enterprises overcome difficulties," Liu added.

According to Liu, Shandong will increase support for the development of enterprises, encourage them to increase investing in scientific and technological research and development, stimulate innovation and creativity, and lay a solid foundation for high-quality economic development.