China: Measures to support the economy

It has been reported that China’s State Council decided to waive the tolls on toll roads throughout the country until the virus epidemic is brought under control. Other measures being arranged are reductions in corporate social insurance and an extended period for paying housing provident fund. 

These measures are aimed at ensuring continued agriculture production and to secure stable employment.

In order to mitigate the impact of the epidemic on enterprises during the time plants are closed medium, small and mini-sized enterprises in all provinces except Hubei will be exempted from corporate taxt, unemployment and employment injury insurances and housing provident fund payments up until June 2020.

Different measures are proposed for large enterprises.

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