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China rolls out more measures to support SMEs amid epidemic

China has rolled out measures to support small and medium-sized enterprises(SMEs)affected by the coronavirus outbreak by reducing their burdens from loans,rent and social security payments.

Recently,the People’s Bank of China issued a notice specifying that banks should not blindly withdraw,cancel or withhold loans from companies in industries seriously affected by the epidemic,including retail,hotel,catering,logistics and tourism,especially for SMEs.

The country’s Ministry of Finance also called for greater support for individuals and enterprises affected by the outbreak through discounted interests for guaranteed loans for business startups.

In addition,the Ministry of Industry and Information Technology and Association of Small and Medium Enterprises have carried out a special questionnaire survey on SMEs affected by the epidemic.Experts said that the survey aimed to provide more references for relevant departments to make decisions.More supporting polices,including targeted fiscal and monetary policies,are expected to be implemented to help enterprises get through any difficulties.

Local governments across China have also introduced favorable policies to support SMEs.Suzhou in east China’s Jiangsu province took the lead to launch 10 measures,including keeping loan balance unchanged for SMEs,and reducing their burdens on financing costs,rents,taxes and fees,and social security payments for three months.

Meanwhile,Shanghai,Beijing,Guangdong and Shandong provinces have also rolled out similar measures to support SMEs in difficulty.

Source:People's Daily Online

Release Time:2020-02-15 14:34:23