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Policies to relieve burdens placed on companies

(snd.gov.cn) | Updated : 2020-02-11

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A bird's eye view of an industrial park in Suzhou New District [Photo/c-snd.com]

Suzhou New District rolled out a series of preferential policies to help local companies weather the difficulties caused by the outbreak of the novel coronavirus pneumonia, CCTV reported on Feb 9.

The district government said it will offer financial and other forms of support to companies, particularly sci-tech companies, in order to help them overcome mounting challenges.

Glancetech Optic-electronic Technology Co is one of many companies to benefit from the policies. The company's application for a 5-million-yuan loan ($716,127) got immediately approved by China Construction Bank and the initial 1 million yuan was remitted to the company's bank account the same day.

Repayment on a 2-million-yuan bank loan was also pushed back from March, and the interest rate is expected to be lowered by around 10 percent.

"The postponement of tax, social security funds and other costs really has an immediate impact, as our working capital will likely rise by 3.2 million yuan in March," said Zheng Ming, vice president of the company.

SND Group, a State-owned enterprise affiliated with Suzhou New District, is busy informing qualified tenants of policies concerning the reduction and exemption of their rents.

"We have done a quick survey and a total of 1,060 tenants are qualified; their rents are expected to be reduced by 50 million yuan. Large-scale commercial complexes in the district will also benefit from rent reductions totaling 10 million," said Lu Yi, general manager of the group.

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