East China's Shandong province has launched financial and fiscal relief measures to help small businesses pull through the hardships imposed by the novel coronavirus outbreak, according to local officials. 

"The epidemic has slowed down the turnover of small and medium-sized enterprises," said Chi Hong, director of the investment and financing department of the Shandong Macroeconomic Research Institute.

He said that the payments of fixed costs and wages would "inevitably" lead to the tension in the capital chain and a surge in costs.

"The 20 new policies rolled out by Shandong provincial government involves capital, expenses and employment issues, which are the areas of most concern for SMEs," he added.

According to local officials, Shandong has implemented various measures, including lowering interest on loans and cutting tax and fees to help small businesses to weather the difficult times.

The province launched measures to support small businesses, including making sure they get much-needed loans in time, especially those companies that are badly influenced by the virus.

It has extended the collection period of social insurance premiums by up to six months, allowing them to delay their payments during the coronavirus epidemic.

Many cities in Shandong, including Qingdao, Linyi and Binzhou, have also introduced measures to ease labor shortages and the financial strain for impacted sectors, such as postponing the payment of social security fees for enterprises, lowering rents and reducing their financing costs.