Jiading district recently announced a series of preferential policies to help enterprises above designated size overcome difficulties caused by the outbreak of the novel coronavirus pneumonia.

The district will ease financial and tax burdens for companies, with priority given to those that seek technical transformation and aim to improve manufacturing quality and efficiency.

Enterprises who achieve greater production capacity without expanding floor space will be exempt from capacity-supplementing fees, and a subsidy is available which would cover 20 percent of equipment investment, among an array of other beneficial policies.

An industrial investment fund of 5 billion yuan is also available to help enterprises boost productivity, research and development, and upgrading and transformation.

Enterprises will be partially refunded for any increase in their contribution to the local economy from last year. They can also benefit from a variety of tax refund policies and reduced processing times.

Jiading has set up a 20-million-yuan ($2.9 million) risk compensation fund for enterprise loans. Local financial institutions are also encouraged to issue extra enterprise loans totaling 20 billion yuan.

The district will also allow enterprises to postpone payment of employee social security funds and is offering 30 resident registration opportunities for enterprises who are in urgent need of workers.

The district is also preparing to more closely link enterprises and customers and will help enterprises complete orders and deliver products on time.

Jiading will support enterprises with information and telecommunication services. It will also cut red tape in administrative processing and encourage enterprises deal with administrative procedures online.

The policies will be implemented starting from the date of announcement to Dec 31, 2020.