Fiscal support for Beijing's Xicheng district amid epidemic to top 5B yuan
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E-mail China.org.cn, April 9, 2020
Beijing's Xicheng district will issue a fiscal support package worth more than 5 billion yuan (about US$707.5 million) to coordinate epidemic prevention and control work with socio-economic development in the region, according to a document released yesterday.
The support package will be used to promote and boost consumption and shore up effective investment in the district. It will also help local businesses to develop steadily amid the epidemic, and further promote industrial transformation and upgrading.
In order to boost consumption, a total of 75 million yuan (about US$10.6 million) of coupons will be available to consumers via the WeChat account "Consuming in Xicheng" (西城消费). These coupons are expected to cover retail, catering, tourism, education, sports and cultural sectors.
In addition to the coupon package for consumers, Xicheng will also introduce a series of favorable policies to material suppliers amid the epidemic as well as those in the process of industrial upgrading.
Another 38 billion yuan will be used to promote the implementation of major infrastructure projects concerning people's livelihood. These include educational facilities, living environment, municipal engineering, ecological infrastructure and urban landscape design, amongst others.
Xicheng district will also focus on the construction of its 5G network infrastructure, promoting the coverage of 5G networks, especially in office buildings and the financial sector.
As part of the fiscal support package, 714 million yuan in cash will be issued to support key businesses in the area. This includes 564 million yuan in direct rewards, and 150 million yuan in subsidies which can be used for rent cuts, discount guarantees or other areas, in order to help MSMEs get through the epidemic.
Xicheng district plans to set aside 427 million yuan for the development of the "Beijing Fintech and Professional Service Innovation Demonstration Zone" in the district. Among this, 150 million yuan will be used to support financial and technological businesses; and 73.16 million yuan for their independent innovation.
Xicheng will also improve supporting facilities and transportation arrangements in this demonstration zone, expanding the scope and programs for "sandboxes" accordingly, so as to build an international platform for fintech exchanges and cooperation.
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