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Zhoushan takes measures to stabilize economy

Updated : 2022-06-13 (chinadaily.com.cn)

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An overview of Zhoushan. [Photo/zhoushan.cn]

Zhoushan in East China's Zhejiang province rolled out 45 measures on June 10 to stabilize the local economy, local media reported.

These measures involve fiscal and financial support, supporting industrial and supply chains and struggling sectors, and ensuring local residents' wellbeing.

More sectors, including retail and wholesale, accommodation, catering, and entertainment, will enjoy refunds of value-added tax credit, and government procurement will prioritize small and medium-sized enterprises.

The Zhoushan government will increase support for small- and micro-sized loans and reduce financing costs.

It will also reduce the cost of water, electricity, natural gas, and internet for market entities and exempt them from rent, property tax, and taxes on the use of urban land at the current stage.

Small- and micro-sized companies and individual businesses will be allowed to delay payment of the above-mentioned fees.

The Zhoushan government will focus mainly on supporting the development of services, sea transportation, marine services, and the tourism sector, which have been severely affected by COVID-19, over the following days.

In addition, the government is encouraging the development of cross-border e-commerce, supporting foreign trade companies to expand into international markets, and working to bring in more foreign-invested projects.