Chinese president promises aid to industries hurt by virus

Business

BEIJING (AP) — Chinese President Xi Jinping on Wednesday promised tax cuts and other aid to industries hurt by a virus outbreak in a renewed effort to rein in the rising damage to the economy.

Xi’s announcement comes as companies face increasing losses due to the closure of factories, offices, shops and other businesses in the most sweeping anti-disease measures ever imposed.

The measures have disrupted travel and other industries. Some businesses are beginning to reopen but many face heavy losses.

Beijing needs to “maintain stable economic operation and social harmony,” Xi said in comments broadcast on state television.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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