The Chinese government has announced a set of policies to support the recovery of the service industry, which has been hit hard by the COVID-19 pandemic. The policies, which were co-announced by 14 government departments, including the National Development and Reform Commission (NDRC), include tax reductions, delays in insurance payments, rental relief from state-owned landlords, reductions in delivery fees charged by online platforms, increases in COVID-19-related subsidies, and looser bank lending and more favorable interest rates. The service industry, particularly catering and retail, will be the main beneficiaries of these policies, which are expected to be effective in the 2022 fiscal year.
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