Suzhou announces policy support for epidemic-affected companies

2020-02-04 10:32:00

Vice Minister of Commerce Wang Bingnan praised Suzhou’s efforts to support small and medium-sized enterprises (SMEs) as they feel the pinch of the novel coronavirus outbreak.

Wang made the statement during a press conference on the prevention and control of the outbreak, held by the State Council Information Office in Beijing on February 3.

One day earlier, Suzhou People’s Government announced ten measures to help SMEs affected by the new pneumonia epidemic from mainly three perspectives – increase financial support, keep employment stable and reduce the burden on firms. Suzhou also made clear of the responsibilities to enforce such measures so SMEs can be better prepared to overcome the difficulties.

The ten measures are to ensure the outstanding balance of loans to small and micro companies in 2020 shall be no less than that of the same period in 2019, ensure the lower financing cost, strengthen the service of policy banks, encourage financial institutions to guarantee bank loans, and support enterprises to keep jobs. The measures also include to defer insurance premiums, reduce or exempt housing rent, cut or abolish taxes and fees, defer payment of taxes, and support SME entrepreneurship parks.

The measures took effect on the same day of announcement and will be valid for three months. It’s believed that these new incentives can boost the development of SMEs which play an important role in economic development and job market.