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Shenzhen has allocated $120m to support the business

Authorities in China's southern Shenzhen megacity have allocated 868 million yuan ($120 million) to support local businesses to start operating again after last month's serious restrictions related to the outbreak of the new coronavirus, Radio China reported.
These funds included 325 million yuan in submissions for over 45,000 businesses with 3.65 million employees and 543 million yuan in unemployment reimbursed insurance payments for 133 companies.

The Shenzhen Social Security Service has begun to return part of the unemployment insurance contributions collected by businesses in 2019, taking into account the situation in each of them during the restrictive period. According to the office, a new series of submissions and refunds are expected to be announced by the middle of this month.

Shenzhen is home to many stratup and technology companies, including giants such as Huawei and Tencent. The city's 2019 gross domestic product was 2.69 trillion yuan.


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