x

China’s Xi promises tax cuts, aid for businesses amid COVID-19 crisis

Chinese President Xi Jinping has promised tax cuts and other forms of support for businesses as the government tries to alleviate the effects on the economy of the coronavirus outbreak, code-named COVID-19, that has infected tens of thousands of people and cordoned off entire regions.

Scientists in China code-named the virus COVID-19 to mean CO-for corona, VI- for virus, and D-for disease, and 19- for 2019, the year it broke out.

China’s local governments are to establish assistance mechanisms for companies, especially small and privately owned enterprises, the Politburo Standing Committee, a top ruling body, decided at a meeting chaired by Xi, according to state broadcaster CCTV.

The body also called for tax cuts and the reduction of interest rates, as well as for increased capital investment and the allocation of local funds for preventing and controlling the epidemic.

China is to pump a net 150 billion yuan ($22bn; £16.3bn) into its economy on Monday to help protect it from the impact of the COVID-19 outbreak.

China’s central bank said the move would ensure there was enough liquidity in the banking system and help provide a stable currency market.

Financial regulators in the country have said they believe the impact on China’s already slowing economy will be “short term”.

China’s central bank has announced other economic measures in the face of a deepening coronavirus epidemic, including providing banks with 300 billion yuan to lend to affected companies.

Authorities have also relaxed tariffs on goods imported for use in the virus fight – including those from the U.S.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

North-central Forum Blames You for Apc Loss

. knocks Humanitarian minister, Yilwatda By Israel Adamu, Jos  The North-Central All...

Ogbe’s Appo Role Boosts Africa’s Energy Future

Amgbare Ekaunkumo, Yenagoa   In a major boost for Africa’s oil...

Comandrthyann Drops Ep ‘beautiful

Johnson Mary-Ann Akalo who is better known in the...

Benue Apc Backs Alia for 2027

By Isaac Kertyo, Makurdi  As the 2027 general elections draw...

Plateau Group Rejects Mutfwang’s Move

By Isreal Adamu, Jos  Plateau state All progressive Congress Vanguard...

Prosperity Cup: Advance Dreams in Final

Amgbare Ekaunkumo, Yenagoa  Advance Dreams Football Academy of Yenagoa punched...

Bayelsa Plans Expanded Partnership With Zipline for Health, Agriculture

By Amgbare Ekaunkumo, Yenagoa  The Bayelsa State Government has announced...

Dangote Commends Bayelsa’s Economic Vision at Historic Mou Signing

By Amgbare Ekaunkumo, Yenagoa  Africa’s business magnate Aliko Dangote has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img