The Wuhan Economic & Technological Development Zone (WHDZ) -- located in Wuhan, capital of Central China's Hubei province -- has issued 18 measures to support the development of its resident businesses during the COVID-19 prevention and control period, according to the official WeChat account of the WHDZ.
Officials said that a 1 billion yuan ($143 million yuan) special fund was established in the development zone to help the development of medium, small and micro sized enterprises that are affected by the pandemic.
The WHDZ has been offering loan interest discounts for small, medium and micro enterprises, as well as increased financing and has reduced or exempted some rents.
Officials said the zone has reduced water and gas prices, postponed social security payments and provided job subsidies and other preferential measures to help enterprises overcome their difficulties.
To date, 160 companies have received loans from the special fund, with cumulative loans extended amounting to about 1.61 billion yuan.
One recipient was auto parts manufacturer Wescast Industries (China) Co, located in the WHDZ.
The company received 30 million yuan in relief funds, as well as 1 million yuan in government subsidies and 7.69 million yuan in technical reform funds. Officials said this solved cash flow problems after the resumption of work and production.
Some 60 percent of the company's business supplies international markets, with the balance of output going to the domestic market.
A spokesman said the company had been hit hard by the epidemic, losing about 100 million yuan in revenue this year.
After learning about the distress situation of the company, the WHDZ explained the latest assistance policies to it and helped it apply for relief funds, to help tide over its difficulties.
