PRECISE SUPPORT
Xi has paid special attention to those vulnerable groups impacted by COVID-19.
The country's small and medium-sized enterprises (SMEs), contributing an increasing share to the economy, were among the hardest hit by the virus as strict quarantine measures dampened demand and strained cash flows.
Right after the basic containment of the virus, Xi paid a visit to Zhejiang Province, where SMEs account for a major part of the local economy.
Stressing that the CPC Central Committee has kept SMEs and private firms in mind when making policies, Xi said that more targeted measures will be introduced to help them tide over difficulties.
"We will prevent the SMEs from being fundamentally weakened, help them recover to a good state and have new development as soon as possible," Xi said.
Large state-owned enterprises should lead enterprises in both upstream and downstream sectors as well as SMEs to fully resume production and work with regular epidemic control measures in place, Xi said Wednesday while inspecting work resumption and economic recovery in Xi'an, the provincial capital of Shaanxi.
Rather than initiating a "flood-like" stimulus to shore up the economy, the country has resorted to targeted cuts in reserve requirement ratios for small banks to channel funds into SMEs and stepped up fiscal support, reducing taxes and fees for these firms.
As of mid-April, about 84 percent of SMEs have resumed businesses, data from the Ministry of Industry and Information Technology showed.
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