Govt measures aim to lift Zhejiang economy

Authorities in Zhejiang province have rolled out 53 measures to maintain sustainable growth in service industries such as catering and tourism through the end of this year, according to a recent circular jointly issued by 14 government departments, including the provincial Development and Reform Commission.

Rents for certain market entities in Zhejiang affected by the ongoing COVID-19 pandemic will be reduced or exempted. The costs of energy use by enterprises will also be reduced through the support of low-interest loans provided by local financial institutions.

Zhejiang will refund value-added tax credits for qualified small and micro enterprises, along with those in the scientific research and technical services sectors, to sustain their recovery and further development, the circular said.

The cost of regular tests for the coronavirus that causes COVID-19 will be waived for employees in the catering business, the circular said. In addition, some internet platforms are encouraged to charge lower service fees for catering companies in county-level areas affected by the pandemic.

To further boost the tourism sector, Zhejiang plans to establish a finance database for key cultural and tourism enterprises, and guide financial institutions to increase credit input to market entities such as A-level tourist attractions and tourist resorts that have good development prospects.

Public transportation services such as ferries, buses, subways, light rail, taxis and long-distance passenger buses will also be exempted from value-added taxes in the province this year.

Fang Xiaoying in Hangzhou contributed to this story.