Chongqing will set up a relief fund of at least 10 billion yuan ($1.46 billion) to help private firms suffering from temporary liquidity problems, the newspaper added. Other provinces and regions have also sought to provide more support for the private sector, with the world's second-largest economy losing momentum aggravated by an ongoing trade dispute with the United States.
The northeast rustbelt province of Liaoning also introduced 16 measures to help revitalise private firms, and pledged to implement tax cuts, the official Xinhua news agency reported on Saturday.
China's factory activity contracted for the first time in more than two years in December, highlighting the challenges facing Beijing as it seeks to end tit-for-tat trade tariffs with Washington and reduce the risk of a sharper economic slowdown. In efforts to boost liquidity in the economy, China's central bank said on Friday it was cutting the amount of cash that banks have to hold as reserves for the fifth time in a year.