In the face of sporadic local COVID-19 outbreaks and the virus' rampage overseas, Qingdao has launched a slew of measures and policies to reduce the burdens of businesses, particularly small and medium-sized enterprises (SMEs) and self-employed people.

The eastern coastal city of Qingdao, Shandong province [Photo/VCG]

These include measures such as reducing fees and lowering taxes, increasing government subsidies, strengthening financial support, stabilizing and expanding employment, and improving government services.

The city has set up special working teams to address difficulties plaguing private businesses as well as SMEs. Brochures and an official mobile app containing the city's supportive policies have been promoted to local enterprises.

The city is speeding up the allocation of 2021 special funds for SMEs, the municipal examination of outstanding SMEs and the establishment of a liaison system for competitive and high-growth enterprises.

Qingdao will propose policy regulations for compensating for loan risks as well as policy-based lending implementation standards. Efforts will also be made to give local enterprises funding guarantees and credit enhancement assistance.