Shinan district in Qingdao, Shandong province has issued incentive funds worth 310 million yuan ($46.39 million) to help offset the impact of the epidemic on local companies. 

The district government rolled out a series of supportive measures such as loans, tax cuts and rent reductions to help local enterprises resume work and cope with the challenges.

To date, the local government has reduced rents for 473 businesses by 48.55 million yuan, helped enterprises obtain loans of 1.21 billion yuan and provided an emergency working capital of 25 million yuan.

In addition, local authorities offered rewards for companies and institutions which achieved progress in technological innovation and industrial development, and also strengthened credit support for businesses.

Local residents have also been provided with assistance since the beginning of this year, with subsistence allowances and temporary relief funds worth 18.55 million yuan being dispersed to help them.