Qingdao, Shandong province [Photo/VCG]

The eastern coastal city of Qingdao in Shandong province recently introduced 89 measures to stimulate market vitality and stabilize economic growth.

The measures are part of the local government's efforts to ensure job security, basic living needs, market entity operations, stable industrial and supply chains for steady economic momentum, domestic demand expansion, as well as deepening reform and opening-up.

By decreasing taxes and fees, the government listed 18 measures to promote medium, small, and micro-sized companies, guarantee their orders, and stabilize expectations. The city has implemented targeted tax reductions for struggling companies and certain groups, as well as the deferral of social insurance premiums for the catering and retail industries.

Eleven financial measures have been established to ensure exchange rate hedging for small, medium, and micro-sized companies, increase the amount of new loans available for cultural and tourism enterprises, and increase the rediscount for transportation and logistics enterprises.

There are eight policies aimed at boosting investment and infrastructure development, with the most important of these being the strengthening of comprehensive pipelines, accelerating the construction of major infrastructure projects, and supporting the construction of offshore photovoltaic and offshore wind power.

A total of 18 policies have been adopted to promote consumption and stabilize foreign trade, including periodic support for the housing provident fund, consumption vouchers for catering, retail, cultural tourism and travel, and rent subsidies for public overseas warehouses.