10 May 2021
On 10 May 2021, the Municipal Bureau of Financial Work of the Guangzhou Development Zone issued the “Detailed Implementation Rules of the Municipal Bureau of Financial Work of the Guangzhou Development Zone on Implementing Various Measures to Deepen the Supply-Side Structural Reform in Guangzhou Huangpu District, Guangzhou Development Zone, and Guangzhou High-Tech Zone to Facilitate Domestic Circulation”. The “Detailed Rules” proposes that enterprises which are covered by domestic trade credit insurance and product liability insurance for their purchases of exported products for domestic sales will be subsidized at a rate of 30% of their premiums, with subsidies up to RMB 200 thousand per year for each enterprise. Local insurance companies will be responsible for handling the underwriting, billing and subsidy applications; and enterprises are only required to pay the insurance company the non-subsidized part of the total premium to the insurance company, and the remaining 30% of the premium will be covered by local insurance companies, who will apply for subsidies from the local finance departments according to the relevant policies. The “Detailed Rules” came into force on 10 May 2021 and will be valid until 20 August 2023.