China unveils detailed new policies to support the pandemic-hit economy

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China’s cabinet unveiled a series of new policy measures on Tuesday to bolster the economy and stabilize jobs, including the acceleration of local government special bond issuance and cash support for firms that hire college graduates.

Authorities will provide tax credit rebates to more sectors and allow firms in industries hit hard by COVID-19 curbs to defer social security payments, the State Council said in a document published on its website.

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The package of economic support had been flagged by the State Council in a routine meeting last week.

Read more: Relief and disbelief as Shanghai to start lifting COVID-19 lockdown

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