Shenzhen's relief measures to help enterprises survive under the pressure of the pandemic have reduced the financial burden on related industries and businesses by more than 15 billion yuan (US$2.28 billion) after they were introduced a month ago, Shenzhen Special Zone Daily reported yesterday, quoting the local reform and development commission.
“It’s really a timely help for us,” a business owner surnamed Zhuang, who runs a vegetarian food restaurant in Bao’an District, told the Daily.
Zhuang is renting property from a municipal State-owned enterprise. In early April, she received good news that she would be rent-free for three months and her rent would be halved for another three months.
According to Zhuang, with the COVID-19 situation stabilizing, her eatery is becoming busier with a steady increase in customers.
Following current hot consumer trends, businesses in many commercial areas in Shenzhen have launched various discounts and distinctive offline interactive activities to attract consumers and ramp up consumption at brick-and-mortar stores, the Daily reported.
According to Pan Shuda, general manager of Rainbow Shopping Mall’s Xinsha outlet, the mall’s foot traffic has recovered steadily since the end of March.
On March 25, Shenzhen announced 30 relief measures to assist businesses affected by COVID in overcoming operational and financing challenges. Businesses are expected to save over 75 billion yuan as a result of the measures, which include rent and utility bill reductions, COVID disinfection subsides and deferred social insurance premium payments.
On April 2, Shenzhen introduced a series of tax exemptions, reductions and preferential policies to further benefit micro, small and medium-sized businesses. The city has also urged financial institutions to improve the quality and efficiency of anti-COVID financial products and services for troubled businesses and individuals.
The People’s Bank of China Shenzhen branch and the city’s service bureau for small and medium-sized enterprises have summarized over 30 unsecured loan products for micro and small market entities. A special area for these unsecured loan products has been opened in the “深i企” platform for 1.4 million businesses.
On April 8, Shenzhen released 30 new measures to foster and strengthen market entities. It is proposed that by 2025, the number of market entities and enterprises in Shenzhen should surpass 4.6 million and 3.2 million, respectively.