China's Premier Li Keqiang. Photo: Reuters/Aly Song

Premier Li Keqiang hosted a standing State Council meeting on Wednesday to highlight a report on the restructuring and integration of enterprises under the State-owned Assets Supervision and Administration Commission, according to gov.cn.

The planned reorganization of SOEs will focus on the industries of equipment manufacturing, coal, electric power, telecommunication and chemical engineering.

According to the discussion, SOEs will centralize their resources by means of asset restructuring, equity cooperation, asset replacement, strategic alliance and joint development.

It was also decided to expand financial support to small and mini enterprises, in particular helping them with financing problems.

In addition, the government will not levy a value-added tax from the interest on loans for small and mini firms, and upped the borrowing limit to 1 million yuan (US$150,361) per firm.

The new policy will take effect on December 1 and expire by the end of 2019.

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