By launching new favorable policies, Tianjin cut 2.45 billion yuan($380.37 million) in taxes for over 67,000 micro-and small-sized enterprises in the first half of the year, according to the Tianjin Municipal Tax Service.

These needs-oriented new initiatives were compiled following pre-research done on several enterprises. To ensure that potential qualified enterprises would get timely and full financial aid from the new measures, these enterprises were informed via Wechat and brochures.

“The recent several years are critical for our strategic development,” said Mr Wei, business manager of Tianjin Xiesheng Technology. “The 400,000 yuan tax exemption in the first two quarters has provided confidence and energy for us in future development.”

Tianjin Taihe Lande Petroleum Machinery achieved revenues of 9.38 million yuan in the first six months of the year, paying 81,500 yuan in taxes after benefiting from a tax cut of 309,800 yuan. “The tax reduction has freed us from squeezed liquidity, and we’ll use the money to add new devices and expand reproduction,”a company staffer said.

Bai Yuanhe, finance director of Max (Tianjin), said: "The part of the annual taxable income of small and micro enterprises that does not exceed 1 million yuan will be halved on the basis of the original preferential policies. This new policy will help us save another 3,735 yuan. We felt grateful for the government's care for small and micro enterprises."