China takes steps to support enterprises, stabilize employment

A total of 3.2 million companies have received 42.3 billion yuan (about $5.98 billion) in refunded unemployment insurance premiums so far, which benefited 85.13 million employees, the Ministry of Human Resources and Social Security said on May 6.

The number of companies that have benefited from the policy was three times that of last year, the ministry said.

Such a policy aims to stabilize employment and minimize layoffs in the world's second-largest economy as the country strives to blunt the impact of the novel coronavirus epidemic on the economy and social life.

Chinese authorities have taken multi-pronged measures to help micro, small and medium-sized enterprises tide over and secure job positions for staff. The measures included cutting tax burdens and boosting credit support for them.