China to ensure implementation of rent exemption policies for market entities

BEIJING, Oct. 13 (Xinhua) -- China will intensify its implementation of premises rent reductions or exemptions for small and micro-sized firms and self-employed businesses in the services sector, the state-assets regulator has said.

All rent relief policies and measures should be implemented effectively, according to a circular released by the State-owned Assets Supervision and Administration Commission of the State Council.

China has announced that small and micro-sized companies and self-employed businesses in the services sector that are tenants of state-owned premises in county-level administrative areas classified as medium and high-risk for COVID-19 will enjoy a six-month rent exemption this year, while those in other areas will be exempted from paying rent for three months.

The circular ordered all centrally administrated state-owned enterprises to fully complete their general rent reduction and exemption tasks before the end of November.

All central and local state-owned enterprises should establish supervision and inspection mechanisms, guiding subordinate firms to earnestly implement the policy of reducing or exempting rents, the circular said.