China’s Financial Authorities Arrange for over 100B Yuan in Anti-coronavirus Funds

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China’s financial authorities at all levels have made arrangements for the allocation of over 100 billion yuan for efforts to combat the spread and impacts of the coronavirus.

As of 2 March China’s financial authorities at all levels had made arrangements for 108.75 billion in funds for coronavirus control and prevention, according to figures released at a State Council press conference held on 3 March.

Ministry of Finance (MOF) official Fu Jinling (符金陵) said that the Chinese government had recently released policies for reductions and exemptions in social welfare fees, in order to reduce the burden on Chinese enterprises, and small and medium enterprises in particular.

MOF expects these policies to achieve a reduction in the cost burden for Chinese enterprises of over 510 billion yuan in 2020.

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