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Jiaxing in East China's Zhejiang province has launched 40 measures to stabilize the economy amid the ongoing COVID-19 epidemic, local media reported on June 13.

The policies include financial and monetary support and support related to investment, consumption and stabilization of foreign trade.

The city will accelerate the process of value-added tax (VAT) refunds to ease financial pressure on market entities, which is expected to be completed at the end of June.

Priority will be given to new infrastructure and new energy projects related to special bonds issued by local governments.

Social security payments can be deferred until the end of 2022.

Consumption coupons worth 300 million yuan ($44.71 million) for automobiles, catering and accommodation, culture, tourism and sports will be issued.

To ensure food and energy security, the city will offer subsidies for farmers growing rice, wheat, rapes and other crops. The amount will depend on the planting area.

To stabilize industrial and supply chains, small and micro enterprises and individual businesses affected by COVID-19 are allowed to defer electricity, gas and water payments for six months.