Quzhou in East China's Zhejiang province has launched 40 measures to stabilize the economy amid the ongoing COVID-19 epidemic, local media reported on June 7.

The policies include financial and monetary support and support related to investment, consumption, stabilization of foreign trade, food and energy security, stability of industrial and supply chains and people's basic livelihoods.

The city will expand the scale of value-added tax (VAT) refunds to ease financial pressure on market entities. Newly eligible areas include wholesale and retail, agriculture, forestry, animal husbandry and fishery, accommodation and catering, residential services, repair and other services, education, health and social work, culture, sports and entertainment.

Priority will be given to new infrastructure and new energy projects in the field of special bonds issued by local governments.

Commercial banks and other financial institutions will postpone principal and interest payments on loans to micro, small and medium-sized enterprises (MSMEs), individual businesses, truck drivers, and other people affected by the COVID-19 epidemic.

All the administrative areas of the city are encouraged to issue consumption coupons for automobiles, home appliances, 3C electronic products, agricultural products, furniture and home decor, catering and accommodation, culture, tourism and sports.

To ensure food and energy security, the city will increase support for grain production, including subsidies for grain farmers and grain purchases.

To stabilize industrial and supply chains, the city will offer subsides for electricity, gas and water to small and micro enterprises and individual businesses and promote the reduction of house rent.

For low-income groups, temporary subsidies will be distributed to ensure their basic living needs.