China to Cut $71.3 Billion Insurance Fees to Help Firms Amid Coronavirus Outbreak

A man wearing face mask is seen in Qibao, an old river town on the outskirts of Shanghai, China, as the country is hit by an outbreak of the novel coronavirus, on Feb. 19, 2020. Aly Song/Reuters

BEIJING—China is expected to cut pension contributions and insurance fees by more than 500 billion yuan ($71.27 billion) this year, government officials said on Feb. 20, as it seeks to help companies weather the coronavirus outbreak.

The forecast follows a government pledge this week to reduce or exempt companies across the country from pension contributions, jobless and work-injury insurance for a period of time.