BUSINESS China takes measures to support enterprises, boost employment

BUSINESS

China takes measures to support enterprises, boost employment

Xinhua

21:32, April 14, 2020

BEIJING, April 14 (Xinhua) -- China will take solid steps to implement supportive measures for enterprises to help them through challenges, and boost employment for college graduates, according to an executive meeting of the State Council.

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Photo: Xinhua

The meeting, presided over by Premier Li Keqiang, noted that the country has rolled out a series of policies and measures to benefit enterprises since the beginning of the year to support epidemic control, burden-easing for firms and work resumption.

Solid implementation of the policies should be guaranteed, said the meeting, including a series of tax cuts which would ease the burden for firms by 1.6 trillion yuan (about 227.25 billion U.S. dollars).

In terms of financial support, China has offered 3.55 trillion yuan of low-cost capital to financial institutions via reserve requirement ratio cuts, re-lending and re-discount quotas, according to the meeting.

Multiple steps should be taken to further enhance the implementation of positive fiscal policies and increase financial support for the real economy and small- and medium-sized firms, the meeting noted.

The meeting also decided to take effective measures to boost employment for college graduates, whose job outlook looks grim due to the impact of the COVID-19 epidemic.

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