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Hangzhou rolls out measures to bolster SMEs

| ehangzhou.gov.cn | Updated: 2020-02-12

Hangzhou launched 12 measures on Feb 10 to help alleviate the impact the recent epidemic has had on the city's companies, small and medium-sized companies in particular. 

First, Hangzhou will reduce the financial burden on its companies by 0.5 percentage points this year. 

Financial institutions in Hangzhou will be rewarded by the government for providing additional favorable loan policies for companies.

Second, guarantors throughout the city will exempt small and medium-sized companies from all charges for two months.

Third, Hangzhou will temporarily reduce health insurance premiums for companies experiencing difficulties while at the same time discouraging the laying off of employees.

Fourth, companies experiencing difficulties in submitting housing provident funds for their employees can pay less money or delay the submission altogether. 

Fifth, companies who rent office space from government-owned companies at the municipal level are eligible to receive a two-month exemption from rent. 

Sixth, small and macro-sized companies focusing on trade, catering, logistics, accommodation and transportation with annual tax revenue under 500,000 yuan ($71,613) will receive subsidies from the government. 

Seventh, the Hangzhou government will provide subsidies for two months for property service companies taking part in the prevention and control of the infection. 

Eighth, the government will provide subsidies for the city's employees who rent houses and whose wage earnings are less than 72,000 yuan in 2019. 

Ninth, the local government will cooperate with local hotels to lease houses at lower prices to employees who need transitional accommodation. 

Tenth, the government will provide subsidies to companies that offer paid leave to workers whose spouses are also at work and who have children to care for. The measure is designed to guarantee the safety of children until school starts again.

Eleventh, the government encourages pharmaceutical distribution companies to purchase and supply epidemic prevention materials to the people. For companies that sell face masks that are consistent with national standards and based on the "no-profit" principle, the government will provide subsidies. 

Last but not least, the Hangzhou government will provide more legal aid to its companies to help them solve legal disputes during the epidemic period. 

According to statements made by the government, the Hangzhou government will further reduce expenditures in order to provide more financial help to its companies and employees.

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