(Yicai Global) June 24 -- Southern China's Guangzhou will cut CNY30 billion (USD4.6 billion) in fees and taxes to ease companies' financial burdens amid the city's Covid-19 outbreak.

The municipal government will enhance its financial support for enterprises affected by the pandemic, as well as reduce their social insurance payments and rent, it said at a press conference yesterday.

Guangzhou has detected 153 confirmed Covid-19 cases since late May. However, no new locally transmitted cases were found for four straight days as of June 22, according to local authorities.

The first-tier city has eased its earlier restrictions so that consumers can now enjoy their meals inside restaurants in some areas. Still, more than 20 exhibitions have been postponed due to the outbreak, said Wei Min, deputy director-general of the municipal commerce bureau.

Not only banks, securities, and insurance companies should join the financial aid program. The city encourages microlenders to lower their interest rates by 5 percent to 10 percent for those firms and individuals who are severely affected by the pandemic, said Wang Dechang, an official at the local finance bureau. They should also cancel service charges and extend their repayment periods up to three months.

Tenants who lease state-owned commercial property in medium and high-risk areas should not need to pay rent for two months, said Cui Yanlun, deputy director of Guangzhou's State-owned Assets Supervision and Administration Commission. Those who rent state-owned commercial property in low-risk areas don't need to pay rent for one month, Cui added.

Rent forgiveness should save 50,000 tenants as much as CNY600 million (USD92.6 million), the deputy director added.

Editor: Dou Shicong, Emmi Laine, Xiao Yi