The Zhejiang provincial government hosted a news conference on July 20 to give a presentation on 42 new policies meant to relieve financial burdens and reduce operating costs for enterprises in the province.

The implementation of the 42 policies is expected to save Zhejiang-based enterprises at least 250 billion yuan ($38.68 billion) by the end of 2021.

The 12 taxation policies, including favorable tax rates for small and micro-sized enterprises and value-added tax reimbursements, is expected to save enterprises around 205.7 billion yuan.

The ratio of extra tax deductions on the R&D costs of manufacturers has been raised from 75 percent to 100 percent since Jan 1 of this year. The policy is expected to reduce taxes by 10.2 billion yuan for the province's manufacturers this year.