Beijing announces measures to support enterprises amid fight against epidemic

BEIJING -- The Beijing municipal government has announced a series of measures including rental reduction or exemption and financial support for small and medium-sized firms to reduce the impact of the coronavirus epidemic.

State-owned tenants should exempt small and medium-sized firms from housing rent in February if the firms have suspended or maintained operations as required without laying off a large number of employees. These tenants will be subsidized by the government at the municipal or district level, according to a circular issued on Wednesday.

More bank loans and lower financing costs will be also offered. The lending growth of major state-owned banks to small and micro-businesses should be no lower than 20 percent, said the circular.

The circular also required enhancing financial support to firms that face temporary difficulties amid the novel coronavirus outbreak, vowing that the loans will not be suspended or withdrawn. Those having difficulties with repayment will have their loans extended or renewed, according to the circular.