- The devastating Corona Epidemic has affected not only China but also the globe.
- Temporary work remedies are phased out from personal income tax schemes.
- The industries which have taken to the donations and charities will be exempted from tax structures.
The devastating Corona Epidemic has affected not only China but also the globe. This Epidemic has affected the nations both physically and economically, however as a relief, the economic reports have shown that the Epidemic will only affect the Chinese economy in the short term, and there is no worry about the long term situation.
After the Epidemic neutralizes, the control, production, and operation activities will resume back. The short term effect is widely discussed. Still, with new approaches, these effects can be brought to a minimum standpoint.
The use of macro-control measures to increase the stability between countermeasures and countercyclical adjustment policies and further integrate financial policies to counter the short term economic fluctuations.
The additional support of small and medium enterprises, including micro and small businesses, along with the relevant preferential policies and support policies. Have been brought up to help enterprises in removing the economic difficulty.
The use of active fiscal policy will adjust the balance between internal and external structure, industrial structure, and also the regional structure with the balancing of long term and short term trends. In the months ahead, revenues will be settled with epidemic prevention, and control expenditure will rise.
Special bonds will be issued to set up industrial development funds to guide investment in these areas along with the necessary support and also support by providing capital the realization of the long term industrial investment, large scale investment, and high-quality development.
Temporary work remedies are phased out from personal income tax schemes. The introduction of emergency measures for small, medium, and macro enterprises along with support policies.
The measure has been implemented to counter the sudden risks possessed in the Small and macro businesses, such as reducing operating costs and compensation for risk factors.
The industries which have taken to the donations and charities will be exempted from tax structures — also establishing an emergency feature for major public health events in the economic field.
It is necessary to improvise public opinion supervision, increase accountability, reward advanced models for battling epidemic crisis, guide the rapid allocation of resources to affected areas, improve various emergency systems, and improve the modernization level of national governance systems and capabilities.