BUSINESS China steps up support for self-employed businesses amid epidemic

BUSINESS

China steps up support for self-employed businesses amid epidemic

Xinhua

03:12, February 29, 2020

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(Photo: China Daily)

BEIJING, Feb. 28 (Xinhua) -- China will increase support for self-employed businesses to help them counter the impact of the novel coronavirus disease (COVID-19), an official guideline said Friday.

The country will guide financial institutions to issue extra low-interest loans totaling 300 billion yuan (around $42.82 billion) to self-employed businesses, according to the guideline issued by the Ministry of Finance and other five government departments.

Self-employed businesses will also see a cut in their social insurance contributions, rent and value-added tax burdens, the guideline said, promising easier access to the market for these businesses.

China has rolled out a host of measures to maintain social and economic progress while advancing epidemic control, with both fiscal and monetary incentives given to help businesses tide over the difficult period.


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