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Authorities in Beijing yesterday announced a 9.7 billion yuan ($1.4 billion) social insurance package, expected to help local firms and individuals cope with the current global financial crisis.

Social insurance payment rates will be reduced for both enterprises as well as individuals in the city, easing their burden by about 5 billion yuan, Zhang Xinping, chief of the Beijing municipal labor and social security bureau, said.

At the same time, the city will invest an added 4.7 billion yuan in the social security fund," he said.