(Yicai Global) Oct. 26 -- China has revealed a slate of proposals to support more than 100 million self-employed people.

The State Council yesterday released a regulation that includes 39 articles to provide comprehensive assistance for the self-employed, involving registration services, taxation, funding, and social security. The rules will take effect on Nov. 1.

The regulation stipulates that local governments and relevant departments should strictly implement financial and tax support policies to ensure accurate and timely benefits for entrepreneurs.

The policy enhances the protection of the legitimate rights and interests of self-employed people, ordering governments and relevant departments not to develop or implement discriminatory policies and measures against such individuals who tend to run small businesses.

For those who violate laws and regulations, the government requires administrative departments to combine their educational and disciplinary methods while avoiding excessive punishment. The regulation also adjusts the way entrepreneurs can change the operators of their businesses, facilitating the transfer of rights.

In recent years, China has introduced several policies to reduce taxes and fees to support small and micro-enterprises, including self-employed people. For example, since this year, entrepreneurs have been able to enjoy a 50 percent income tax reduction when making less than CNY1 million (USD140,000), and also a deferral of corporate social security payments.

Moreover, the government has clarified that financial institutions' interest on small-scale loans for small and micro-enterprises and individual business owners can be exempted from value-added tax.

China had 111 million registered self-employed people as of Sept. 30, accounting for about two-thirds of all market entities, according to the State Administration of Market Regulation. They further employed nearly 300 million people.

Editors: Shi Yi, Emmi Laine, Xiao Yi