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China boomtown Shenzhen issues 120 mln USD to enterprises

2020-March-4       Source: Xinhuanet.com

China's southern boomtown Shenzhen has issued 868 million yuan (around 120 million U.S. dollars) to support local businesses in resuming work amid the coronavirus outbreak, local authorities said Tuesday.

China's southern boomtown Shenzhen has issued 868 million yuan (around 120 million U.S. dollars) to support local businesses in resuming work amid the coronavirus outbreak, local authorities said Tuesday.

The money includes 325 million yuan of subsidies for over 45,000 enterprises covering 3.65 million people and 543 million yuan of refunded unemployment insurance fees for 133 enterprises, according to the local human resources and social security bureau.

The bureau has taken measures to return parts of unemployment insurance fees collected from enterprises in 2019, based on the employment and production conditions of the enterprises during the outbreak.

It is expected to issue another batch of subsidies and refunding around the middle of this month, according to the bureau.

Shenzhen is home to a bevy of Chinese startups and tech heavyweights including Huawei and Tencent. Its GDP rose about 6.7 percent year on year to surpass 2.69 trillion yuan in 2019.

Editor: Monica Liu

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