China to cut some pension, insurance fees amid COVID-19 outbreak

China will cut some pension contributions and insurance fees to help companies affected by the novel coronavirus (COVID-19) outbreak, according to the decision made at a State Council executive meeting on Tuesday.

Companies in Hubei Province, the epicenter of the outbreak, will be exempted from paying pensions, jobless insurance and work injury insurance from February to June.

It has also stressed agriculture production and encouraged hog production to increase state reserves of frozen pork.