Polices to support companies during coronavirus epidemic

Guiyang -- capital of Southwest China's Guizhou province -- issued a series of measures to help companies go through the difficulties due to the novel coronavirus outbreak and promote the stable growth of city's economy.

A fund of 20 million yuan ($2.82 million) will be set up to support the manufacturing of medical materials, as well as companies producing food and other daily necessaries.

Funds of 4 million yuan to support vegetable planting, another 30 million yuan for the production and storage of vegetables and livestock.

Funding of 20 million yuan for property services enterprises, to implement closed management in communities during the epidemic prevention and control period.

Provision to recognized companies providing daily necessities and emergency supplies of a 50 percent discount on interest payable on working capital loans involving an increase in reserves; the discount to be under 1 million yuan per company.

Extension to recognized key daily necessities-providing companies of a subsidy of no more than 500,000 yuan, based on 50 percent of their logistics costs.

Guiyang will also enhance services for the return to work and production of companies. It will also undertake to improve labor services, guarantee essential transportation, reduce rents for small, medium and micro-sized enterprises and individual businesses, reduce electricity charge, implement tax and fee reductions and allow deferrals of employee insurance payments by companies.

Companies experiencing difficulties operating can reduce or defer public accumulation funds, in order to take measures to avoid laying off employees. Companies providing online career training programs will receive subsidies.

The government will arrange funding and provide preferential policies to help companies apply for or repay loans, which will ensure the operation of the business during the epidemic.

[This English version is only for reference. To learn more, please refer to the authoritative Chinese version.]