China Government Stimulus

China

1. DIGITAL TECHNOLOGIES SUPPORT

Ministry of Industry & Information Technology (MIIT) to support SMEs applying digital tools such as video conferencing, cloud service & training programs to resume business.

2. ENHANCE EMPLOYMENT STABILITY

Guidelines prioritizing employment, helping migrant workers return to work, expanding job opportunities for college graduates, ensuring social security.
Fast-tracking targeted tax and fee reduction for safeguarding jobs.
Wider coverage of guaranteed loans for startups Policy Support for venture investments.

3. ENHANCE LEGAL SERVICE

Lawyers are encouraged to help SME private enterprises back to "business as usual".
Legal training and consultation services available online.

4. SHARED OFFICE SPACE

Beijing Business Incubation Association offered free of charged or reduced prices shared working spaces to SME businesses.

5. PREFERENTIAL INTEREST RATE

The People's Bank of China issued CNY 111.4 billion of preferential interest rate loans to support businesses resuming work and production.

LOCAL GOVERNMENT RELIEF POLICIES

Beijing: An extension on the tax reporting period; import goods and materials may be exempted from import tax.

Shenzhen: Waived two months' rent for state-owned enterprises, reduced loan rates.
Shanghai: Tax incentives, reduced credit/loan rates to SMBs, postponed individual tax reporting period.
Guangzhou: Waived two months' rent for state-owned enterprises and SMBs, provided bank loan support to SMBs, and prompt employment allowance.
Suzhou: Employment allowance, return 1 to 3 months of unemployment insurance, loan rate adjustment.
Qingdao: Postponed social insurance period, reduced SMBs tax.
Ningbo: Allowance for families with kids where both parents are employed, tax and rent allowance for SMBs in two months, allowance for canceling exhibitions.
Fuzhou: Reduced loan interest for SMBs, opened online service portals for financial organizations.
Chengdu: Enhanced financial tax support, allowance given to new industries like 5G, cloud computing to insure their working operation, waived rent for tourism, accommodation, and catering businesses.
Hangzhou: Reduced the cost of enterprise financing, provided rent subsidies to employees, reduced health insurance rate.