WHILE the COVID-19 pandemic is taking a toll on the real economy worldwide, China has further managed to bail micro, small and medium-sized businesses out and help them weather the difficult times.

Yang Yafu, general manager of Tianjin Kentoku Foods Stock Co., took a breath as packs of kimchi and salted vegetables were exported to Japan, and his foreign-trade company has now found more domestic marketing channels.

"Thanks to measures such as interest rate cuts and tax reductions, our business has returned to normal. Total turnovers reached 90 million yuan (US$13.9 million) last year," said Yang.

Earlier this month, the central authorities decided that China will step up relief and assistance to market entities, especially micro, small, and medium-sized enterprises, and strengthen policy reserves, to ensure cross-cyclical adjustments.

In the strengthened relief policy, the re-lending quota for small firms will be increased by another 300 billion yuan this year. Local banks will be supported in issuing loans to micro and small enterprises and self-employed individuals.

Feng Tianjian, general manager of the Tianjin Xintai Technology Development Co., said that his company has obtained 1.5 million yuan loans with low interest in 2020 to tackle short-term cash flow difficulties.

"With the government's support and strict pandemic control, I'm confident that we will see a rapid growth and the company's sales and employees' salary doubled on the existing basis," Feng said.

"The new policy has enhanced capital support from multiple channels. It improves the availability of financial resources for micro, small and medium-sized enterprises by establishing the risk compensation mechanism," said Liang Feng, an associate professor of business at Nankai University. (Xinhua)