Shanghai launched 12 measures on Saturday (24) to help develop healthy tech SMEs.

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amid the COVID-19 pandemic rising in the city The announcement included urgent approval of application and receipt of science and technology innovation vouchers worth up to 500,000 yuan (78,578) for each enterprise. According to the report of the Shanghai Science and Technology Commission.

This voucher was first introduced in 2017 to innovative organizations to provide services from professional institutions to reduce research and development costs. Its ceiling has been raised from 300,000 yuan to 500,000 yuan in 2020.

The new measures also include implementing a 100 percent rental reduction and an additional tax deduction of 100 percent on corporate research and development expenses It also encourages financial institutions to increase credit support and reduce lending rates for technology SMEs.