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News > China

China Sets Fiscal Policies for Sectors Hit by the Pandemic

  • Chinese Finance Minister issued financial measures in support of sectors hit by the effects of the pandemics. May. 25, 2022.

    Chinese Finance Minister issued financial measures in support of sectors hit by the effects of the pandemics. May. 25, 2022. | Photo: Twitter/@yicaichina

Published 25 May 2022 (4 hours 12 minutes ago)
Opinion

On Wednesday, the Chinese Finance Ministry announced the establishment of several fiscal measures as support to sectors affected by the hit of the pandemic.

In the scenario of the affectation suffered by several Chinese sectors because of the COVID-19 pandemic, the Chinese Finance Ministery ruled on Wednesday on multiple fiscal measures that would help market players overcome difficulties and sustain development.

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According to the Ministery, eligible micro, small and medium-sized enterprises and self-employed individuals in sectors such as transport, catering, accommodation, and tourism will be granted financing guarantees offered by local government financing guarantee institutions.

The announcement highlighted the need for more vigorous efforts to obtain faster loan issuance and prevent the financial institutions' forced early repayment of loans and arbitrary termination of loan agreements.

The Ministry considers it convenient to work for increasing interest discounts for guaranteed loans on business start-ups; it urged to focus on supporting sectors severely hit by the COVID-19 pandemic. He called on regions with favorable conditions to promote online services for these loans and streamline business procedures.

Regarding the agricultural sector, the Chinese institution suggested extending coverage on agricultural insurance and developing farm insurance produce with local advantages.

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