East China's Zhejiang province has reduced 480 billion yuan ($73.38 billion) for enterprises in 2020 to alleviate financial burdens caused by the pandemic, according to Chen Jianzhong, deputy director of Zhejiang Provincial Development and Reform Commission.

"Last year, 92 percent of enterprises in Zhejiang were satisfied with our beneficial policies," said Chen, adding that the province will continue to implement favorable policies.

Chen said that this year, the province is targeted at reducing 250 billion yuan of fees for enterprises.

For those industries that are slow in recovery from the pandemic like traditional manufacturing, cultural and tourism, catering and hotels, there will be more preferential policies, said Chen.