China to ramp up support for elderly care, childcare industries
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China to ramp up support for elderly care, childcare industries

China has rolled out measures to support the elderly care and childcare industries to help them overcome difficulties, according to a circular issued by 13 authorities including the National Development and Reform Commission.

Rentals of state-owned properties will be waived through the end of the year for micro, small and medium-sized businesses and the self-employed, the circular said.

In addition, eligible elderly care and childcare service providers will benefit from cuts of up to 50 percent in six local taxes and two fees. These are the resource tax, urban maintenance and construction tax, real-estate tax, urban land-use tax, stamp tax and the tax on farmland used for non-agricultural purposes, as well as the education surcharge and the local education surcharge.

Meanwhile, China will continue to cut unemployment insurance and workplace injury insurance premiums, while deferrals of old-age insurance, unemployment insurance, and workplace injury insurance will be provided for COVID-hit elderly care and childcare institutions, the circular said.

Special reloans for inclusive elderly care will be piloted to support the institutions, it said.

The central government will invest more from its budget to support the construction of elderly care and childcare facilities, and local government bonds will also be provided for the construction projects, said the circular. 

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