Jiangsu rolled out 50 measures in 12 aspects on February 12 to support the economic growth affected by the novel coronavirus epidemic.
Xu Guanghui, deputy director of the Jiangsu Development and Reform Commission, said these measures cover resumption of work and production, tax cut, fiscal and financial support, and logistics services.
Jiangsu has made efforts to support key companies to resume operation, such as in the fields of public utilities, epidemic prevention and control as well as core projects closely related to economy and people’s livelihood.
Meanwhile, Jiangsu has also supported initiatives ranging from the return and recruitment of employees to paying social insurance premium and skills training. Companies in the service sector can get subsidies if they lay off fewer or no workers.
The province calls for close coordination of supply chain players to guarantee the supply of daily necessities, giving priority to the transportation and distribution of important materials and the smooth operation of highway and waterway networks.
A total of 22 measures involve offering financial and tax support for enterprises. Preferential taxation policies will be implemented for companies in traditional service industries and small and medium-sized enterprises that have been hit hard by the epidemic. In 2020, outstanding inclusive loans to SMEs, provided by the large state-owned banks, need to maintain a growth of at least 20 percent year on year, and the financing cost needs to be cut by 0.5 percentage points.
Efforts will be made to ensure a smooth supply chain and enough capital liquidity for foreign-funded enterprises and companies engaged in foreign trade. Exporting companies can apply for the “force majeure” certificate that may help them avoid penalties for breaching contractual obligations because of the coronavirus outbreak.
Jiangsu will also strengthen the monitoring and adjustment of economic development, focus on stability and high-quality in pursuing the growth, and continue improving the business environment.
Li Jianping, deputy director of Jiangsu Department of Finance, said that the province will further cut expenditures for non-key projects, adjust the spending structure, and implement measures to reduce tax and fees, offer interest subsidy and other fund support.
Read full text:
“苏大强”放大招，50条政策措施助力经济循环畅通和稳定持续发展
Jiangsu’s 50 Measures for Unimpeded Flows in the Economy and Steady and Sustained Economic Growth
「実力派」の江蘇省がマスターストロークを： 50項目の優遇政策で経済の好循環と持続的な発展を促進
장쑤성: 정책 50조로 경제 순환 원활과 안정 지속 발전에 조력
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