September 26 2022

China scales up support for elderly care, childcare industries

China has adopted a host of measures to support the elderly care and childcare industries to help them overcome difficulties, the country's top economic planner said Thursday.

Some elderly care and childcare service providers have faced multiple challenges during the past two years due to the pandemic, Su Wei, an official with the National Development and Reform Commission, told a press conference.

A circular was issued earlier detailing the targeted measures such as waiving rentals and taxes, as well as providing financial support for eligible elderly care and childcare service providers, to help them tide over difficulties, Su noted.

Rentals of state-owned properties will be waived for micro, small and medium-sized businesses and the self-employed, he said.

The country has also decided to cut unemployment insurance and workplace injury insurance premiums while deferring of old-age insurance, unemployment insurance, and workplace injury insurance for the COVID-hit sector, Su added.

China will continue to leverage a combination of monetary policy tools to support the construction of the facilities and the operation of the elderly care and childcare services, as well as to draw more social forces to the sector, Su said.