The owner of a Zhangjiagang company applies for a suspension of business operations at the city's bureau of administrative examination and approval in Suzhou, Jiangsu province. [Photo/ourjiangsu.com]
Zhangjiagang Guni Calligraphy and Painting Co in Zhangjiagang, a county-level city in Suzhou, East China's Jiangsu province recently received permission to temporarily suspend its business from the city's bureau of administrative examination and approval.
The company is the first in the province allowed to do so.
According to a regulation on the registration and administration of market entities that took effect in China on March 1, companies that have difficulties in operating due to natural disasters, accidents, public health issues and safety incidents can apply for a suspension for a maximum of three years.
Before the regulation took effect, market entities would have to exit the market if they are unable to sustain their business, said Zhao Lei, an official at the Zhangjiagang bureau of administrative examination and approval.
The owner of the calligraphy and painting company, surnamed Liu, said his company was engaged in exhibition and training and had been struggling with staying afloat because of the pandemic and other reasons.
Employees at the examination and approval bureau noted that the suspension period will immediately end once market entities conduct any business activities.