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Liu Yuxiang and Wu Qiong of Haiwen & Partners summarize the national and local policies introduced to support businesses and employers in China to help alleviate the economic impact caused by the coronavirus outbreak.
In order to cushion the economic impact caused by the outbreak of the novel coronavirus 2019 (COVID-19), a series of policies have been issued at both national and local levels in China to support businesses and employers. In addition to preferential tax policies, China has further announced a series of policies that reduce the social insurance burden of employers.
The key national-wide policies expected to effectively reduce or exempt employers’ contribution to social insurance and also defer temporarily social insurance payments are:
(1) Circular on Reducing/Exempting Enterprise Social Insurance Premiums for a Period of Time (關(guān)于階段性減免企業(yè)社會保險費的通知) (Circular [2020] No. 11 of MHRSS, “Circular No. 11”) jointly issued by the Ministry of Human Resources and Social Security (MHRSS), Ministry of Finance (MOF) and State Administration of Taxation (SAT) on Feb. 20, 2020, which covers pension, unemployment insurance and work-related injury insurance; and
(2) Guiding Opinions on Reducing Employee Basic Medical Insurance Premiums for a Period of Time (關(guān)于階段性減征職工基本醫(yī)療保險費的指導(dǎo)意見) (Circular [2020] No. 6 of NHSA, “Circular No. 6”) jointly issued by the National Healthcare Security Administration (NHSA), MOF and SAT on Feb. 21, 2020, which covers medical insurance.
The two policies are effective from Feb. 1, 2020.
Summary of National Policies
The maximum benefits that provincial governments are authorized to provide under Circular No. 11 and Circular No. 6 are summarized below:
A “small and medium enterprise” (SME) will be identified and determined by provincial governments according to the Circular on Issuance of the Provisions on Classification Standards for SMEs (關(guān)于印發(fā)中小企業(yè)劃型標(biāo)準(zhǔn)規(guī)定的通知) jointly issued by the Ministry of Industry and Information Technology (MIIT), National Bureau of Statistics of China, National Development and Reform Commission and MOF in 2011 (Circular [2011] No. 300 of MIIT).
Summary of the Local Policies
As with all new policies, the central government has authorized provincial governments to subsequently issue detailed implementing rules and determine specific policies. A summary of local policies relating to social insurance reductions released in Beijing, Shanghai and Guangdong Province are provided below:
The relevant local policies in Beijing, Shanghai and Guangdong Province are summarized below:
Beijing ICP No. 05019364-1 Beijing Public Network Security 110105011258
