Caixin
May 10, 2022 04:43 AM
ECONOMY

China Ramps Up Support for Small Businesses Hit by Covid

China’s manufacturing contracted in April at the steepest pace in more than two years.
China’s manufacturing contracted in April at the steepest pace in more than two years.

China is calling on local governments to step up assistance to small and micro businesses amid headwinds brought by the worst Covid-19 outbreak in two years.

As concern about economic growth and the impact of lockdowns deepens, the nation’s top leadership signaled greater support to shore up the economy.

Under a notice sent Monday by the Ministry of Industry and Information Technology (MIIT) and a leading group office at the State Council, local governments were told to actively arrange special support funds for small and micro companies and sole proprietors, especially those affected by the pandemic that have temporary difficulties in operation. The assistance will be in the form of loan discounts and subsidies for rent, utility bills and epidemic prevention costs.

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