(Bloomberg) -- China will offer more than 140 billion yuan ($21.1 billion) in tax relief to companies and consumers as it seeks to offset the heavy impact of coronavirus lockdowns on its economy.

The measures include additional tax rebates to companies and cuts of 60 billion yuan on passenger car purchase taxes, China National Radio reported, citing a decision from a State Council meeting chaired by Premier Li Keqiang.

Beijing will also extend an existing delay on companies’ social-insurance contributions to the end of the year and expand the measure to more sectors, the report said. The meeting also said that a quota for loans aimed at small and medium-sized enterprises would be doubled.

The measures are intended to “stabilize” the economy, the meeting declared. It also said that China will ensure domestic cargo transport runs smoothly and increase the number of domestic flights.

In early March, the government said it would provide tax relief this year worth about 2.5 trillion yuan, including 1.5 trillion yuan in rebates. 

Beijing has widened the scope of tax relief measures in recent weeks but hasn’t substantially revised its fiscal or financial targets for the year, which were set in early March before the omicron variant prompted sweeping lockdowns. The report did not state how the new measures will be funded, or if they will require a revision of Beijing’s official deficit target for the year.

China’s financial support for lockdown-stricken areas has mostly gone to companies rather than households. The meeting chaired by Li offered no new direct household support beyond stating that social insurance payments will be raised in line with consumer price increases.

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