China scales up support for elderly care, childcare industries

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

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.

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

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Some elderly care and childcare service providers have ced 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.

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.