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Entrepreneurship Research Center on G20 Economies VOL.14 February 2020

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China: Supportive Measures to SMEs amid the Campaign Against Novel Coronavirus

The Small and Medium-sized Enterprises (SMEs) are the backbones to promote the stable development of the China’s economy as well
as generate employment. There are a large number of SMEs widely distributed in various industries, but they are always confronted with
instability in capital, market demands and workforce.
Affected by the outbreak of novel coronavirus, most of SMEs are in trouble with the problems, such as the difficulties in employment,
shortage of finance and excessive cost of production or management. Chinese Government attaches great importance to their difficulties
through unveiling a slew of overall policies since the end of January. Under these guidelines from central government, the local
governments made the active and featured implementation according to their own circumstances.
China’s central and local governments coordinated their effort by rolling out a series of targeted initiatives and measures to help the SMEs
tide over during the epidemic, which mainly focus on easing burdens, increasing financial support, stabilizing employment, optimizing
business services, supporting business development and Enhancing Innovation and Entrepreneurship.

Easing Burdens the prevention and control of the epidemic, and those severely
affected, if in any difficulty, the reduction and exemption of urban
Tax incentives. On January 30, 2020, the State Administration land use tax and real estate tax can be applied for 2 to 4 months
of Taxation made it clear that the deadline of tax filing would according to regulations of different provinces.
be extended due to the epidemic outbreak. On February 6, the
Ministry of Finance and the State Administration of Taxation Noteworthy measures:
proposed that the loss carry-forward period of SMEs in the
industries affected by the epidemic in 2020 would be extended Shanxi Province: From January 1 to December 31, 2020, 90% discount is provided
from 5 to 8 years. The enterprises, which are unable to pay taxes for the current tax rate within the range of the nationally prescribed tax amount.
in time due to epidemic outbreak, can apply for deferred payment. Jiangsu Province: For high-tech enterprises and SMEs hard hit by novel
For those key producers and suppliers of materials essential for coronavirus, the loss carry-forward period will be extended to 10 years.