The Dream Factory of China

Source :Qianhai Communication Center

The Qianhai Cooperation Zone Authority recently revised the 20 measures it released April 17 to offer an extra subsidy of 32 million yuan (US$4.87 million) to enterprises. The move aims to help enterprises help get through the COVID-19 pandemic.

The revised measures expand the scope of enterprises that are eligible for the subsidies, and extend the time of duration of the subsidies.

Previously, only non-State-owned enterprises were eligible for the subsidies. The revised measures, however, now include scientific research institutions, medical institutions, social organizations, and individual businesses within the scope of subsidies.

The Qianhai authority will waive an additional one month’s rent for organizations in State-owned properties in the free trade area. The maximum subsidy limit of 5 million yuan has also been cancelled.

Enterprises leasing non State-owned offices will receive an additional three months of rent subsidies and the subsidy cap of 1.5 million yuan has been lifted to 5 million yuan.

Property owners in Qianhai who reduced or waived office rent for enterprise leasers will also enjoy an extra subsidy for three months. Restaurants and convenience stores within the range of office buildings in Qianhai will receive an additional 20 percent of subsidy and the subsidy cap has been lifted from 500,000 yuan to 1 million yuan.

In addition, the employment subsidy has also been extended from June to August. The subsidy standard has been raised from 600 yuan per person to 1,000 yuan per person and the subsidy limit was increased from 300,000 yuan to 500,000 yuan.

The revised measures have also strengthened subsidies for Hong Kong-funded enterprises. Previously, 50 percent of the social security premium they paid for employees was subsidized. Now 100 percent of the premium will be subsidized and the subsidy for a single enterprise is capped at 4 million yuan, which was previously capped at 1 million yuan.