China is reducing the rental burdens of the small service sector firms

China is reducing the rental burdens of the small service sector firms

China announced on Saturday that they will reduce the rental burdens of the small service sector firms and self-employed businesses in the service sector, due to weak consumer spending during the Coronavirus Pandemic.

According to the National Development and Reform Commission and other 7 departments they made a plan to reduce the rent to help and support the small companies and self-employed businesses, especially in sectors such as accommodation, tourism, education, theater, hairdressing, catering, and housekeeping. 

According to the National Development and Reform Commission plan: China is providing the service industry with a 3 month rent exemption in the first half year for companies that are renting from state owned properties, they also encourage non state owned properties to reduce or delay the their rent for them.

China provided many measures to help and support the small businesses, that included lowering financing costs, offering tax breaks, and increasing lending to help them in these difficult times.