Ningbo ramps up support for individual businesses

Ningbo in East China's Zhejiang province unveiled a guideline to step up its support for individual businesses on May 24, local media reported.

The guideline specified 25 measures that would help achieve the goal.

One measure involves providing further support to relieve individual businesses of their financial burdens.

The local government will offer these market entities subsidies as well as tax and fee reductions. Companies will also be allowed to apply for the closure of business and be provided with subsidies to attend vocational training.

In addition, more financing channels will be made available to them to ease capital strains caused by the COVID-19 outbreak.

Authorities have set the target of increasing loans for individual businesses by 3 billion yuan ($461.54 million) and providing vocational training to 16,000 employees of individual businesses this year.

The city also aims to lift the number of newly registered individual businesses in the city to over 150,000 this year.