Yantai unveils measures to boost economic development

The Yantai government rolled out 13 additional measures in an effort to boost local economic development amid the novel coronavirus pneumonia, including helping businesses resume operation, supporting project construction, and lowering daily costs for companies.

Incentives are being offered to encourage enterprises to resume operations and projects to resume construction.

A total of 10 million yuan ($1.43 million) will be awarded to companies that have made contributions to the fight against the virus and will offer loans at favorable interest rates for companies.

It will also give priority to supporting projects in the areas of public health, emergency medical facilities, gas and heat supply, and the renovation of old residential areas in applying for central budgetary subsidies and special government bonds.

During the epidemic, small and medium-sized enterprises will continue to receive electricity, water and gas needed for production and operation, despite overdue fees.

From Feb 1 to June 30, electricity used in the field of industry and commerce will be charged at a rate of 95 percent of the standard price.

Starting from Feb 12, the electricity used in the storage and preservation facilities built in rural areas will be charged with the price of agricultural production.