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The digital economy industrial park of Liangjiang New Area. [Photo/liangjiang.gov.cn]

Liangjiang New Area in Southwest China's Chongqing municipality has issued 20 policies to stabilize the fundamentals of the local economy, focusing on increasing foreign investment, optimizing government affairs, lowering operational costs, ensuring employment, and consolidating the consumption market.

These polices correspond with the requirements of the central government in pandemic prevention and control and economic recovery.

Enterprises whose revenues exceeded 100 million yuan ($14.79 million) in the first half of this year and that registered a year-on-year increase of more than 10 percent will be granted one-time awards ranging from 200,000 yuan to 1 million yuan.

The newly registered "Sishang" enterprise (referring to enterprises above a designated size in the industry, real estate, construction, wholesale and retail, accommodation or catering sectors) will receive a one-time 250,000-yuan allowance.

Liangjiang will continue to promote intelligent government reviews of business license applications, which enable businesspeople to get their licenses within just one minute. The 24/7 service does not require any human intervention.

Small and medium-sized enterprises that have signed labor contracts of one year or more with college graduates and have paid for their social insurance for half a year or more will be given a 3,000-yuan subsidy for each graduate they employ.

The new area will allocate a fund of 22 million yuan to stimulate the purchase of new passenger cars, and will also issue shopping coupons worth 4 million yuan to residents in a phased manner to revive local consumption.