China’s Cabinet on Wednesday pledged to allocate 1 trillion yuan ($140 billion) in government bonds before the end of May to support small businesses struggling to stay afloat during the COVID-19 pandemic, Xinhua News Agency reported.

The State Council also urged relevant authorities to delay the tax payment deadline for such enterprises — defined as those employing 300 or fewer people, paying 3 million yuan or less in annual taxes, or owning no more than 50 million yuan in total assets. In February, the operation index, or financial performance, of domestic small businesses reached its lowest point since the Postal Savings Bank of China began releasing such data in 2015. The index then recovered in March.

Over the past few months, provincial and municipal governments have announced plans to help local companies remain in business, with relief measures including delayed tax deadlines, reduced rental fees, and special loans, among others. (Image: People Visual)