China unveils multiple fiscal policies to support virus-hit sectors

China's finance ministry on Wednesday rolled out multiple fiscal measures to further help market players overcome difficulties and sustain development.

Local government financing guarantee institutions should provide financing guarantee support for eligible micro, small and medium-sized enterprises and self-employed individuals in sectors of transport, catering, accommodation and tourism, according to a circular released on the website of the Ministry of Finance.

Efforts should be made to promote financial institutions to accelerate loan issuance and prevent forced early repayment of loans, or arbitrary termination of loan agreements, the circular said.

The ministry also called for increasing interest discounts for guaranteed loans on business startups, with a focus on supporting sectors severely hit by the COVID-19 epidemic. Regions with favorable conditions should promote online services for these loans and streamline business procedures.

On agricultural development, the ministry urged expanding the coverage of agricultural insurance and developing insurance for farm produce with local advantages.