The Administration Committee of Nanjing Jiangbei New Area, a state-level new area in Jiangsu Province, rolled out a slew of policies on February 4 to support enterprises affected by the novel coronavirus epidemic amid the economic slowdown.

Following thorough researches about difficulties faced by companies, the committee introduced 16 supportive policies mainly in four areas including incentives for innovation and better services, becoming the first among China’s state-level new areas to make such a move. 

Nanjing Jiangbei New Area will support research of innovative products for prevention, diagnosis and treatment of the pneumonia caused by the novel coronavirus, promote faster clinical application, accelerate the transformation of innovative achievements to contain the epidemic, help companies that produce medical materials used to combat the outbreak to undertake technology upgrade and improve quality, efficiency and productivity. 

The measures also include a higher level of industrial development, more emergency loan, better financing guarantee service, and prioritized support for key enterprises. The new area will also pursue innovative financial service, help enterprises keep jobs stable, cut tax and fee, reduce rent, and fast-track the approval for key projects. 

The new policy goes into effect on the day of issuing and will be valid for six months.  

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