Shanxi allocates over 16b yuan for economic development

In 2022, North China's Shanxi province will allocate about 16.27 billion yuan ($2.55 billion) in fiscal funds for economic development, involving key areas such as infrastructure investment, technological transformation and upgrading of enterprises, digital economic development, comprehensive utilization of energy, and development of small and medium-sized enterprises (SMEs).

For development and reform, 1.25 billion yuan will be allocated to support major innovative infrastructure in the province.

A special fund of 1.5 billion yuan for technological transformation and a special fund of 200 million yuan for promoting the development of the digital economy will be allocated to support the technological transformation and upgrading of enterprises in the province through subsidies, interest discounts and incentives.

The province will allocate 1.86 billion yuan for the development of tourism at the Yellow River, the Great Wall and the Taihang Mountains, as well as 140 million yuan in subsidies for flights and 2.68 billion yuan for the construction and maintenance of rural roads and national and provincial trunk roads.

Shanxi will also support the extraction and utilization of unconventional natural gas in the province by offering 150 million yuan in rewards and subsidies.

Meanwhile, 530 million yuan for the development of SMEs will be allocated by the province to provide incentives and support for small enterprise upgrades, specialization and innovation, standardized share reform, and the formation of innovation and entrepreneurship carriers.