|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Hong Kong, China||05||05 - Health and income support||HKD||298,070,000,000||38,385,854,657|
|Hong Kong, China||05A||05A - Health support||HKD||30,000,000,000||3,863,440,265||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.
|Hong Kong, China||05B||05B - Income support||HKD||268,070,000,000||34,522,414,393|
|Hong Kong, China||05B1||05B1 - Tax and contribution deferrals and policy changes||HKD|
|Hong Kong, China||05B2||05B2 - Tax and contribution rates reduction||HKD|
|Hong Kong, China||05B3||05B3 - Subsidies to individuals and households||HKD||83,500,000,000||10,753,242,070||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020) News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200701/20200701_103654_754.html?type=category&name=covid19 (accessed 3 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200710/20200710_171954_233.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200728/20200728_174801_237.html?type=category&name=covid19 (accessed 14 August 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200925/20200925_151755_190.html?type=category&name=covid19 (accessed 2 October 2020).||
(i)Temporary job creation (HKD6 billion or 0.2% of GDP). (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP). (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP). (iv) 8 June 2020, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (with increased funding of HKG50 million). (v) 1 July 2020, HKD6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. (vi) No amount/estimate: 10 July 2020, Announced an additional HKD6,000 ex-gratia payment under the Anti-epidemic Fund to public rental housing applicants who have accepted advance allocation offers for Fai Ming Estate in Fanling and Chun Yeung Estate in Fo Tan. (vii) 28 July 2020, Authorities announced a 2-month waiver for public rental housing tenants worth HKD3.5 billion for the months of September 2020 and 2021 along with a 9.66% rent increase. (viii) No amount/estimate: 25 September 2020, Authorities opened applications for salary subsidies for new positions that aim to create 1,500 new jobs in the financial services industry.
|Hong Kong, China||05B4||05B4 - Subsidies to businesses||HKD||72,020,000,000||9,274,832,262||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_102820_957.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_182259_512.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200916/20200916_144229_043.html?type=category&name=covid19; https://www.news.gov.hk/eng/2020/09/20200921/20200921_121022_367.html?type=category&name=covid19(accessed 24 September 2020).||
(i) Employment subsidy scheme (HKD80 billion or 2.8% of GDP). (ii) No amount/estimate: 2 June 2020, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (iii) 8 July 2020, HKD1.02 billion for the Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund which provides a 50% subsidy for participation fees in exhbitions organized by the the Hong Kong Trade Development Council. (iv) No amount/estimate: 8 July 2020, Increased rental concessions for eligible tenants from 50% to 75% through September, extended the measure’s scope to cover more businesses, and provided full rental waivers for businesses that have had to completely cease operations due to anti-epidemic measures during the closure period. (v) No amount/estimate: 16 September 2020, Authorities announced further rent relief and enhanced concessional rates to non-domestic tenements for the third and fourth quarters of 2020-2021. On 21 September 2020, the Hong Kong Housing Authority also announced extended rent concessions for non-domestic tenants by another 6 months from 1 October 2020.
|Hong Kong, China||05B5||05B5 - Indirect income support||HKD||12,050,000,000||1,551,815,173||News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020)||
8 June 2020, Support for the travel industry through the subsidy initiative for tourist guides that subsidizes training costs (which was extended until 27 April 2021).
|Hong Kong, China||05B6||05B6 - No breakdown (income support)||HKD||100,500,000,000||12,942,524,887||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP). (ii) Sector-specific relief measures (HKD21 billion or 0.7% of GDP).
|Hong Kong, China||05C||05C - No breakdown (health and income support)||HKD|
|Hong Kong, China||09||09 - International Assistance Provided||HKD|
|Hong Kong, China||09A||09A - Swaps||HKD|
|Hong Kong, China||09B||09B - International loans/grants||HKD|
|Hong Kong, China||11||11 - Other Economic Measures||HKD|
|Mongolia||05||05 - Health and income support||MNT||5,518,793,142,083||2,002,087,958|
|Mongolia||05A||05A - Health support||MNT||198,193,703,412||71,900,000||ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
March 2020, Health sector measures (USD71.9 million).
|Mongolia||05B||05B - Income support||MNT||5,320,599,438,672||1,930,187,958|
|Mongolia||05B1||05B1 - Tax and contribution deferrals and policy changes||MNT|
|Mongolia||05B2||05B2 - Tax and contribution rates reduction||MNT||890,585,175,966||323,083,292||Mongolian News Agency. https://montsame.mn/en/read/248751 (accessed 8 January 2021); ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
(i) 20 March 2020, support to vulnerable businesses and fiscal stimulus measures, which includes (a) Exemption on social insurance (USD288.2 million); (b) Social insurance penalty exemption (USD4.2 million); (c) Corporate Income Tax exemption (USD10.8 million); (d) Exemption for tax penalties and fines (USD5.4 million); (e) Import tax and duties exemption of food products (USD3.6 million); (ii) 31 December 2020, The government approved the cancellation of penalties for late payment of social security contributions due between 1 October and 31 December 2020 (estimated at MNT30 billion, about USD10.8 million).
|Mongolia||05B3||05B3 - Subsidies to individuals and households||MNT||426,157,810,118||154,600,000||ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
(i) March 2020, Measures supporting citizens (USD154.6 million), which includes (a) Personal Income Tax exemption (USD63.2 million); (b) Job retention allowance (USD18.4 million); (c) Child money program (USD12.4 million); (d) VAT refunds (USD14.4 million); (e) Erdenes Tavan Tolgoi Dividends Payout (USD46.2 million). Erdenes Tavan Tolgoi is a state-owned enterprise where each Mongolian citizen owns a share.
|Mongolia||05B4||05B4 - Subsidies to businesses||MNT||3,353,856,452,588||1,216,700,000||ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
March 2020, Support to vulnerable businesses and fiscal stimulus measures, which includes (a) Rental relief (USD7.2 million); (b) Cashmere sector support (USD118.1 million); (c) Discount on agricultural equipment (USD12.3 million); (d) Capital projects (of which two-thirds does not yet have financing) (USD1,079.1 million).
|Mongolia||05B5||05B5 - Indirect income support||MNT|
|Mongolia||05B6||05B6 - No breakdown (income support)||MNT||650,000,000,000||235,804,666||Mongolian News Agency. https://montsame.mn/en/read/246561 (accessed 14 December 2020).||
13 December 2020, The government decided to write off payments of utility bills (electricity, heat, water, and waste bills) of households and some enterprises for seven months with MNT650 billion (USD235.8 million) funding from Erdenet Mining Corporation, one of Mongolia's biggest state-owned enterprises, from 1 December 2020 to 1 July 2021.
|Mongolia||05C||05C - No breakdown (health and income support)||MNT|
|Mongolia||09||09 - International Assistance Provided||MNT|
|Mongolia||09A||09A - Swaps||MNT|
|Mongolia||09B||09B - International loans/grants||MNT|
|Mongolia||11||11 - Other Economic Measures||MNT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/230071 (accessed 2 July 2020).||
(i) 13 February 2020, Temporary suspension of coal exports to the People's Republic of China; (ii) 30 June 2020, Re-opening of children playground centers except of PC game centers, summer camps, religious and cultural centers, cinema theatres, snooker centers, and karaokes. However, public protests and mass gathered sports contests will remain prohibited. By reviving the operations, it is expected to keep around 10,000 jobs.
|People's Republic of China||05||05 - Health and income support||CNY||9,175,875,000,000||1,307,463,652,285|
|People's Republic of China||05A||05A - Health support||CNY||45,660,000,000||6,506,059,680||NHC. http://en.nhc.gov.cn/2020-06/19/c_80841.htm (accessed 17 June 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202008/04/content_WS5f28a5ebc6d029c1c2637269.html (accessed 4 August 2020); The State Council The People's Republic of China. http://www.gov.cn/xinwen/2020-12/31/content_5575912.htm (accessed 20 January 2021).||
(i) No amount/estimate: June 17, Increased the subsidy standard for basic public health services per capita to 74 yuan, for the prevention and control of the new coronary pneumonia epidemic situation, to strengthen the grass-roots epidemic prevention and control; (ii) July 13, China's National Development and Reform Commission (NDRC) has allocated CNY45.66 billion to boost the capacity for the prevention, control and treatment of diseases; (iii) No amount/estimate: August 5, The State Council has pledged to bolster China's COVID-19 testing capacity and develop technologies that can produce more accurate results more quickly as the country braces for a possible spike in infections in autumn and winter. Improving testing capacity will be a key measure in coordinating epidemic containment and socioeconomic development; (iv) No amount/estimate: The Customs Tariff Commission of the State Council lowered tariffs on various medical products, such as borosilicate glass tubes required for producing new corona virus vaccines [update].
|People's Republic of China||05B||05B - Income support||CNY||7,130,215,000,000||1,015,979,069,623|
|People's Republic of China||05B1||05B1 - Tax and contribution deferrals and policy changes||CNY||KPMG. https://home.kpmg/xx/en/home/insights/2020/04/china-tax-developments-in-response-to-covid-19.html (accessed 15 April 2020).||
No amount/estimate: Small enterprises and self-employed businesses may defer CIT payment for the period from 1 May 2020 to 31 December 2020 to the first filing period in 2021
|People's Republic of China||05B2||05B2 - Tax and contribution rates reduction||CNY||1,500,000,000,000||213,733,892,237||Xinhua Net. http://www.xinhuanet.com/english/2020-08/08/c_139275745.htm (accessed 8 August 2020).||
August 8, State Taxation Administration announced PRC's tax and fee cuts totaled over CNY1.5 trillion. The orderly implementation of China's tax and fee cut policies has helped invigorate market entities and strengthen the sustainability of enterprises' development
|People's Republic of China||05B3||05B3 - Subsidies to individuals and households||CNY||7,115,000,000||1,013,811,096||SCMP. https://www.scmp.com/economy/china-economy/article/3084361/coronavirus-china-voucher-scheme-revive-retail-hits-buffers (accessed 14 May 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/09/c_139199570.htm (accessed 9 July 2020); China Daily. https://www.chinadaily.com.cn/a/202007/30/WS5f22222da31083481725d06e.html (accessed 30 July); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020)||
(i) By the end of April, local governments had given out more than CNY6.5 billion worth of consumer vouchers, essentially government subsidised coupons or discounts that can be spent at designated venues, according to data from 42 cities collated by the Chinese Academy of Social Sciences (CASS); (ii) July 9, the Ministry of Emergency Management announced an allocation of a total of CNY615 million for disaster relief in regions hit by floods; (iii) No amount/estimate: July 30, PRC decided to hand out financial aid to jobless rural workers and other unemployed groups not covered by unemployment insurance, according to the Ministry of Civil Affairs
|People's Republic of China||05B4||05B4 - Subsidies to businesses||CNY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); The State Council The People's Republic of China. http://english.www.gov.cn/premier/news/202005/29/content_WS5ed058d2c6d0b3f0e9498f21.html (accessed 29 May 2020); The State Council The People's Republic of China. http://english.www.gov.cn/premier/news/202006/24/content_WS5ef367d7c6d05a0f897061e7.html (accessed 25 June 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/videos/202010/26/content_WS5f96ba8cc6d0f7257693e776.html (accessed 28 October 2020).||
(i) No amount/estimate: June 3, Logistics costs will be further reduced to improve the efficiency of logistics, accelerating the recovery of production and the return to normal life following the COVID-19 epidemic, according to a guideline from the National Development and Reform Commission and the Ministry of Transport; (iii) No amount/estimate: June 24, the State Council announced that government will work to further shorten the time required for starting a business and better regulate the charges on businesses from industry bodies and associations, in an effort to lessen corporate burdens and spur their vitality; (iv) No amount/estimate: October 23, PRC seeks to lower overall production costs and provide an even fairer environment for privately-owned companies in the country with 38 new measures. Six bureaus, including the National Development and Reform Commission, the Ministry of Finance and the People's Bank of China, have collaborated on the document. Specific measures and guidelines in the document include lowering production costs by reducing electric prices for high electric-usage industries by 5 percent. It also standardized and called for lowering the management and service fees at harbors, roads and airports. In addition, it sought to lower the barriers for privately-owned enterprises to move across cities.
|People's Republic of China||05B5||05B5 - Indirect income support||CNY||1,623,100,000,000||231,274,320,326||The State Council The People's Republic of China. http://english.www.gov.cn/premier/news/202005/29/content_WS5ed058d2c6d0b3f0e9498f21.htmlCBRC (accessed 28 May 2020); CBIRC. http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=911621&itemId=915 (accessed 24 June 2020);||
Ii) May 28, CNY1.60 trillion for local governments' infrastructure projects to boost investment amid slowing economic activity and trade headwinds with the United States funded by increase in the ceiling for special local government bonds of 1.3 percent of GDP. The main buyers of such bonds have been state-owned policy banks. The government said expenditure on investment projects will rise by CNY22.4 billion for 2020; (ii) No amount/estimate: June 9, The Ministry of Human Resources and Social Security proposed to increase vocational skills training efforts to increase the number of free online training and open-line training to areas severely affected by the epidemic and to expand the scope of free courses; (iii) June 23, estimated at CNY700 million: China Banking Regulatory Commission issued a "Notice on Hubei Province Insurance Legal Institutions and Branches Exempted from Payment of the 2020 Insurance Security Fund." with this exemption, insurance institutions will be able to provide better risk protection and financial support for the economic and social development of Hubei;
|People's Republic of China||05B6||05B6 - No breakdown (income support)||CNY||4,000,000,000,000||569,957,045,964||The State Council The People's Republic of Chia. http://english.www.gov.cn/premier/news/202005/29/content_WS5ed058d2c6d0b3f0e9498f21.html (accessed 15 April 2020).||
April 15, CNY4 trillion to cover payment relief for enterprises of their contributions to social security schemes, and taps into the balance of the unemployment insurance fund, interest concessions made by state-owned commercial banks, and price reductions in natural monopoly industries to lower enterprises’ operating costs. This money will be primarily used to support jobs, people’s basic living needs and businesses, and sustain household income.
|People's Republic of China||05C||05C - No breakdown (health and income support)||CNY||2,000,000,000,000||284,978,522,982||The State Council The People's Republic of China. http://english.www.gov.cn/news/videos/202008/27/content_WS5f47062fc6d0f7257693b200.html (accessed 29 May 2020).||
(i) May 28, announced CNY2 trillion in increase in fiscal deficits and issuance of special treasury bonds worth of CNY1 trillion of which CNY300 billion will be used by local governments for COVID-19 prevention and while the rest to support local governments’ operations. The increase of budget deficits and funds raised from the issuance of government bonds for COVID-19 control will all be channeled to primary-level governments. Companies, especially smaller firms, will truly benefit from these funds, and people who live on social security schemes, subsistence allowance, unemployment benefits, old-age support and those living in difficulties will be able to benefit. August 27, PRC released fiscal funds of CNY2 trillion that aim to directly benefit businesses and people, and consolidate the foundation of the country's restorative growth. Nearly CNY300 billion of the total funds had been used to support tax and fee cuts by mid-August, while CNY1.674 trillion or 98.5 percent of the remaining 1.7 trillion yuan have been allocated by the central government. Local governments have spent CNY509.7 billion, accounting for 30.5 percent of CNY1.674 trillion in funds
|People's Republic of China||09||09 - International Assistance Provided||CNY||414,246,687,636||59,025,704,596|
|People's Republic of China||09A||09A - Swaps||CNY||400,000,000,000||56,995,704,596||PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4114207/index.html (accessed 24 October 2020)||
October 22, With the approval of the State Council, the PBOC and the Bank of Korea extended a bilateral currency swap agreement, with the amount increased from RMB360 billion (KRW64 trillion) to RMB400 billion (KRW70 trillion). The agreement will be valid for a five-year period and can be extended on mutual consent. The currency swap extension between the two central banks will help stabilize the financial markets, expand the use of local currencies, and facilitate trade and investment.
|People's Republic of China||09B||09B - International loans/grants||CNY||14,246,687,636||2,030,000,000||FT. https://www.ft.com/content/054c0575-fa10-4d3e-a2a5-bd5ef388e4af?emailId=5ea20e1642729a000476bb9e&segmentId=60a126e8-df3c-b524-c979-f90bde8a67cd (accessed 1 May 2020); The State Council, The People's Republic of China. http://english.www.gov.cn/news/topnews/202005/18/content_WS5ec2960bc6d0b3f0e9497ec4.html (accessed 20 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-06/18/c_139147085.htm (acccessed 24 June 2020); Global Times. https://www.globaltimes.cn/content/1202943.shtml (accessed 20 October 2020); Xinhua Net. http://www.xinhuanet.com/english/2021-01/22/c_139687946.htm (accessed 22 January 2021).||
(i) USD30 million to support World Health Organization's efforts in combating the global coronavirus pandemic; (ii) President Xi Jinping announced concrete measures to boost global fight against COVID-19 including providing international aid and making the country's COVID-19 vaccine a global public good when available. China will provide $2 billion over two years to help with COVID-19 response and with economic and social development in affected countries, especially developing countries; (iii) No amount/estimate: June 17, within the framework of the Forum on China-Africa Cooperation, PRC annonced that it will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020 ; (iv) No amount/estimate: October 7, A group of Chinese medical experts, who worked in the front line of the fight against the COVID-19 in Wuhan, the epicenter of the outbreak in PRC, arrived in Angola to exchange experience with local professionals and aid the country's fight against the pandemic; (v) No amount/estimate: January 21, 2021, The Chinese Embassy in Iraq on Thursday delivered donation to Iraq, helping the Iraqi government confront the COVID-19 pandemic and improve the livelihood of Iraqi people. The Chinese donation includes 56 ambulances with their spare parts, 266 generators, and motorcycles, computers, laptops, printers, etc. [update]
|People's Republic of China||11||11 - Other Economic Measures||CNY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 June 2020); The State Council, The People's Republic of China. http://www.gov.cn/xinwen/2020-05/16/content_5512106.htm (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3085553/china-gdp-beijing-abandons-economic-growth-target-2020-work (22 May 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/pressbriefings/202007/17/content_WS5f11a035c6d00bd0989c61b7.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f7df0c6d029c1c2636cc4.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f883bc6d029c1c2636ce6.html (accessed 4 August 2020).||
(i) Restrictions on the investment quota of foreign institutional investors (QFII and RQFII) were removed; (ii) No amount/estimate: Additional financing support for corporates via increased bond issuance by corporates; (iii) Announced that it will make regulatory arrangements for the performance commitment requirements and adjustment of restructuring plans for listed companies that are indeed affected by the epidemic . encouraging lending to SMEs, including uncollateralized SME loans from local banks and raising the target for large banks’ lending growth to micro- and small enterprises from 30 percent to 40 percent; (iv) July 13, The State Council, China's cabinet, has decided to implement more reform measures experimented with at the pilot free trade zones (FTZs) across the nation. It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas. To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources; (v) July 14, The government encourages the private sector to fund transportation infrastructure, and no restrictive threshold shall be set for private investment in this aspect ; (vi) Juy 10, PRC will allow foreign banks to gain access to fund custody business in its market, as part of efforts to further open up the financial sector. Eligible Chinese branches of foreign banks will be able to apply for permits for fund custody business, according to the newly-revised fund custody rules jointly issued by the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission; (vii) July 17, The new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on September 1, which will safeguard the legitimate rights and interests of SMEs, reduce their operational costs and optimize the business environment; (viii) July 28, The State Council has adopted a package of measures to facilitate investment and widen market access to improve the business environment and help counter the economic impact of the COVID-19 pandemic. Key policies include the removal of unreasonable market access barriers in the construction, education, healthcare and sports sectors, improving the efficiency of customs clearance and encouraging the growth of new business models ; (ix) July 28, A new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on Sept 1, will better safeguard legal rights and interests of SMEs and private enterprises that are now having a hard time due to the COVID-19 pandemic and create a fairer business environment, said industry insiders.