China Daily
China will adopt the policy of postponing payments of old-age insurance premiums for a limited time for industries experiencing special difficulty, and it will channel more unemployment insurance funds to support enterprises in maintaining stable payrolls and providing training, according to a decision made at the State Council’s executive meeting chaired by Premier Li Keqiang on Wednesday.
The meeting noted that major economic indicators are generally within an appropriate range, yet the domestic and external environments face growing complexities and uncertainties, some of which are unexpected.
Li urged efforts to better coordinate the COVID-19 response with economic and social development. The decisions of the Central Economic Work Conference and the policy steps laid out in the Government Work Report should be swiftly implemented, and some of the policies may be front-loaded as needed.
With businesses severely affected, and some even halting production or temporarily closed, greater efforts must be made to provide relief to struggling enterprises and meet the basic goal for employment.
“The most pressing challenge facing industries in special difficulty is from payments of social insurance premiums,” Li said. “What the government can do is to have these payments deferred for now, and adjust and adapt the policy as the situation evolves.”
For the catering, retail, tourism, civil aviation, highway, waterway and railway transportation industries, the policy to defer payments of old-age insurance premiums will be implemented during the second quarter of this year.
The policy of expanding the scope of unemployment insurance benefits will remain effective for a limited time.
