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China to ease rent burden on small service-sector firms

(Xinhua)    10:48, May 10, 2020

BEIJING, May 9 (Xinhua) -- China announced Saturday rental reductions or exemptions for small and self-employed businesses in the service sector, which were reeling from weak consumer spending during the COVID-19 epidemic.

The rent relief aimed to support epidemic-hit micro- and small companies and self-employed businesses, especially in the sectors of catering, accommodation, tourism, education, housekeeping, theater and hairdressing, according to a plan jointly issued by the National Development and Reform Commission and seven other departments.

The country vowed a three-month rent exemption in the first half of the year for such companies renting state-owned properties, and encouraged lessors of non-state-owned properties to offer such rent relief or delay rent collection, according to the plan.

It also urged state-owned financial institutions to extend pledge loans at concessional rates to such lessors according to their needs.

The country has unveiled a slew of measures to support small businesses, including increasing lending, lowering financing costs and offering tax breaks, to help them tide over the hard times.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: He Zhuoyan, Bianji)

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