UPDATES OF GOVERNMENT SUPPORTS – BEIJING

In addition to the implementation of the preferential tax measures proposed by the State Administration of Taxation, the Beijing Municipal Government issued various measures to support enterprises under the coronavirus crisis in February 2020.  The summary is listed as below:

1. Expediting the approvals of qualified projects, rapid clearance of imported prevention and control materials, exempting the review and approval procedures for acquiring epidemic prevention and control related supplies and materials.In respect of matters relating to epidemic prevention and control, financial institutions should simplify the bank account opening procedures, reducing the respective remittance and transfer fees and simplifying the respective foreign exchange procedures.
2. Establishing a special fund for epidemic prevention and control.  Providing subsidies for the treatment costs of patients.  Enhancing credit support to business related to epidemic prevention and control and people’s livelihood.
3. Supporting the manufacturers of supplies related to epidemic prevention and control to implement technological transformation for enhancements of quality, efficiency and production capacity.  Providing subsidies for qualified projects and assisting enterprises to stabilize productions and operations.
4. Allowing a flexible employment policy such as annual rest days. Offering incentives such as refund of Unemployment Insurance Contributions to enterprises not laying off employees under this coronavirus crisis.
5. Solving the financing problems of difficult enterprises and deferring payment of social insurance contributions.  Encouraging landlords to reduce rentals and offering financial subsidies.
6. Strengthening the research and development work of epidemic prevention drugs and medical equipment and promoting the applications of big data and artificial intelligence.
7. Strengthening the control of residents returning to Beijing from other cities.  Strictly controlling and monitoring the prices to ensure the continuous supply of daily necessities.

For details, please refer to the follow official link (Chinese only)

Should you have any questions on these, please do not hesitate to contact us.