China to defer social-insurance payments for more pandemic-hit sectors

BEIJING -- Chinese authorities announced on Tuesday the temporary deferment of social-insurance premium payments for more firms that have been hit by the pandemic, as the latest move to alleviate the financial burden on certain industries.

Firms in 17 pandemic-hit industries, including auto manufacturing and general machinery manufacturing, will be allowed to defer the corporate shares of social-insurance payments, according to a statement jointly released by four organs, including the Ministry of Human Resources.

Previously, the country rolled out payment deferrals for five sectors that were more exposed to the pandemic, such as catering, retail and tourism, to help such enterprises navigate the trough.

The statement also called for moves such as providing subsidies to firms that had been more seriously affected and offering allowances for the enterprises that hire college graduates, in order to stabilize employment.