The Tibet autonomous region announced it will implement a new regulation to promote the development of small and medium-size enterprises in the region starting on Wednesday, according to the regional Department of Economy and Information Technology.

"The draft work of the regulation started in the region in January 2022 and solicited public opinion over the past year," said Yang Hong, deputy head of the department at a news conference on Tuesday.

Wang Chunyan, a finance official, said that in recent years the region has conscientiously implemented the various decisions and arrangements of the regional Party committee and government promoting the development of small and medium-sized enterprises in the region, and a series of fiscal and tax support policies have been formulated.

"These measures have been playing a crucial role in promoting the healthy development of small and medium-size enterprises in the region," Wang said.

"A series of government policies and measures have been listed to support the development of small and medium-sized enterprises. These measures include special funds, fiscal policies, tax reductions, fee reductions and government procurement."

By Daqiong and Palden Nyima in Lhasa