This undated photo shows office buildings in Shanghai, China. (PHOTO / VCG VIA CHINADAILY.COM.CN)

BEIJING – China has announced that rental reductions or exemptions for small and self-employed businesses in the service sector, which were reeling from weak consumer spending during the COVID-19 epidemic. 

The rent relief aims to support epidemic-hit micro- and small companies and self-employed businesses, especially in the sectors of catering, accommodation, tourism, education, housekeeping, theater and hairdressing, according to a plan jointly issued Saturday by the National Development and Reform Commission (NDRC) and seven other departments. 

The country pledged a three-month rent exemption in the first half of the year for such companies renting state-owned properties and encouraged lessors of non-state-owned properties to offer such rent relief or delay rent collection, according to the plan. 

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It also urged state-owned financial institutions to extend pledge loans at concessional rates to such lessors according to their needs. 

China has unveiled a slew of measures to support small businesses, including increasing lending, lowering financing costs and offering tax breaks, to help them tide over the hard times.