China allocated S$21 billion in epidemic prevention funds

A man wearing a mask crosses an empty street in Beijing on March 3, 2020. PHOTO: REUTERS

BEIJING (REUTERS) - Chinese governments of every level had allocated a total of 108.75 billion yuan (S$21.6 billion) in special funds by March 2 to prevent the spread of the coronavirus epidemic, a finance ministry official said on Tuesday (March 3).

Mr Fu Jinling, head of the social insurance division of the Ministry of Finance, also said China had provided enterprises with one trillion yuan in social insurance payment relief this year to support the resumption of production.

He said China is aiming to cut the total tax burden on enterprises by 510 billion yuan this year, and was also allowing firms in the virus-stricken province of Hubei to waive insurance payments for five months.

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