Policies energize hard-hit economy

China's policy package aimed at steering the economy back on track is starting to pay off, aiding a gradual rebound in key service sectors, while analysts and industry insiders call for continuous support to counter headwinds and underpin a sustained recovery.

The central government has come up with various policy measures to support companies in the services sector, especially catering, tourism, culture, and transportation, which have been hit hard by the surge of COVID-19 outbreaks in parts of the country since March.

A State Council executive meeting chaired by Premier Li Keqiang on Friday reiterated the need to support struggling industries, including catering, retail, tourism, and transportation, as policymakers pledged to extend extra value-added tax deductions in the services sector.

Key measures that have already been rolled out include offering tax refunds and fee cuts to businesses, deferring their social security payments and encouraging State-owned housing authorities to reduce or exempt rent for micro and small businesses.

By July 20, China had offered a total package of over 3 trillion yuan ($444 billion) to support those measures, according to the State Taxation Administration.

Source from State taxation administration of the P.R.C.

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