To help enterprises cushion the impact of COVID-19, Beijing has rolled out a package of effective policies to sustain the momentum of economic recovery and restore growth, including increased tax refunds, fee cuts, and more financing support.

According to the Beijing Municipal Commission of Development and Reform, as of the end of September, the policy mix has resulted in more than 100 billion yuan of waived taxes in Beijing, and the city's housing rent reduction has exceeded 10 billion yuan, benefiting 70,000 enterprises. As many as 815 enterprises obtained 6.899 billion yuan in financing.

While the national rent exemption policies mainly target small and micro companies and self-employed businesses in the service sector that are tenants of state-owned houses, Beijing has also actively guided non-state-owned enterprise lessors to reduce rent. 

According to Liu Chunzhe, an official of the Administrative Commission of Zhongguancun Science Park, as of September 30, the city's 182 incubators had reduced rent by 403 million yuan for 4,324 enterprises, of which all municipal and district-owned incubators had implemented rent reductions. The city has also granted 50% subsidies to lessors who offer rent relief for incubating enterprises.

Meanwhile, Beijing has worked to ensure steady financing channels for enterprises and rolled out measures to improve the efficiency of credit approval. A financing facilitation scheme for enterprises has also been launched, aiming to stabilize the economy and continuously intensify efforts to assist enterprises in overcoming difficulties.

As of the end of the third quarter, a total of 815 enterprises had received financing of 6.899 billion yuan through the financing facilitation scheme.

Beijing has also issued e-coupons to help drive up green consumption. As of September 14, the issuance of consumption coupons has helped generate 2.84 billion yuan in green and energy-saving commodity sales.

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