New measures unveiled to mitigate virus impact on economy
Print Edition
THE State Council, China’s cabinet, yesterday unveiled a string of measures to reduce the impact of the novel coronavirus epidemic on the economy, including facilitating the employment of college graduates and rural migrant workers, offering financial support to micro-, small- and medium-sized enterprises and solving the difficulties of self-employed persons.
Commercial banks are encouraged to step up lending to small firms and push lending rates significantly lower as well as delaying interest payment for eligible firms until June 30, CCTV reported.
“China will increase the yuan re-lending and re-discount quota by 500 billion yuan (US$71.30 billion) to support small and medium banks,” the State Council added. “VAT will be exempted for small businesses in Hubei Province from March to end of May.”
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