Yanji in Yanbian Korean autonomous prefecture, Northeast China's Jilin province, plans to speed up the cultivation of service companies, formulate personalized assistance measures to help enterprises develop, and provide key credit financing policies for small, medium and micro-sized enterprises, according to local media reports.

The city will fully implement the provision of guaranteed loans to support entrepreneurship, and expand its support to all eligible key employment groups.

It will also increase the amount of guaranteed loans for individuals and small and micro-sized enterprises. Individuals as well as small and micro-sized enterprises that are active in repayment, have a strong ability to drive employment, and have good entrepreneurial projects will continue to enjoy entrepreneurial guarantees and loan interest discounts.

Yanji is also encouraging unincorporated enterprises to turn into legal person enterprises in the city.

If an unincorporated enterprise headquartered in another province becomes a service industry legal person enterprise in Yanji, a one-off reward of up to 300,000 yuan ($47,130) will be given the following year.

Starting from the day an individual, industrial or commercial household is converted into an enterprise, a 3-year transitional period of preferential support will be given.

In addition, Yanji will promote the construction of service industry demonstration parks and support the city's service industry clusters in developing into national and provincial service industry clusters and parks.