The finance department of Putuo district in Zhoushan, Zhejiang province, recently granted subsidies worth more than 4.8 million yuan ($677,000) to a local pelagic fishery company experiencing financial difficulties.
"We were supposed to receive the money after we deliver a newly-built fishing vessel," said Yu Pujun, a manager of the Zhoushan Hongpu Pelagic Fishery Co.
According to Yu, local policy stipulates that shipbuilding subsidies should be granted to companies separately, 50 percent after a new ship is completed and the other 50 percent after it is delivered.
However, due to the outbreak of COVID-19, the government adjusted the policy to grant 75 percent of the subsidies to companies before they deliver a new ship.
The local finance department said they also decided to grant an additional 25.87 million yuan in subsidies to help local pelagic fishery companies resume operations.
The money will be granted to seven local companies to build 13 vessels, with approximately 2 million yuan going toward each vessel.