SHANGHAI — Shanghai will support its cultural and tourism industries by providing lump-sum subsidies and low-interest loans, and refunding cash deposits to travel agencies, to ease the impact of coronavirus outbreak, local authorities said Feb 26.
The policy support will give priority to industries and companies most affected by the epidemic, especially small and medium-sized enterprises (SMEs) in entertainment, cultural, tourism, e-sports and performing arts fields, said Wang Yayuan, deputy director of the Publicity Department of the CPC Shanghai Municipal Committee.
Shanghai has offered special financial services for the cultural industry. The interest rate of small loans for the industry is cut by at least 25 percent from the market average interest rate of the same period, and the annual financing guarantee fee rate falls from 2.5 percent to 1 percent.
Also, State-owned properties in the city are required to reduce two-month rents for culture-related SMEs, said Wang.
Shanghai is refunding cash deposits totaling 500 million yuan (about $71 million) to 1,400 travel agencies, said Jin Lei, deputy director of the Shanghai Municipal Administration of Culture and Tourism.
The city will also offer preferential financial support to online competitions held by virus-hit esports companies as 80 percent of China's esports companies and clubs and 40 percent of the national events are in Shanghai. The preparation for the World Championship League of Legends 2020 in Shanghai is still underway.