Graduates toss their caps upon graduation at Beijing Foreign Studies University (BFSU) in Beijing, capital of China, July 2, 2021. BFSU, a university well recognized in China for foreign language education, held a guaduation ceremony for its Class of 2021 graduates on Friday.Photo:Xinhua

 The State Council on Tuesday issued an outline to further support China’s university graduates and start-up businesses. The outline will raise the maximum loan used by university graduates to 200,000 yuan ($30,997).
 
In addition, for those university graduates who receive loans of under 100,000 yuan and who win municipal honors and prizes, their guarantee for the loan will not be required.
 
The outline will also reduce payable taxes, especially for university graduates’ start-ups. Added-value tax will be removed if the monthly sales volume is less than 150,000 yuan. Personal income tax for small enterprises and individual business will also be reduced and even removed.
 
The outline also addressed multiple support approaches in various sectors including improving the business environment, building related support platforms in universities and providing consultancy services.