Shanghai authorities will lift many conditions for resuming business from Wednesday, a city official said Sunday, easing the city-wide lockdown that began nearly two months ago and also introducing policies to support its shattered economy.
Shanghai, China’s commercial hub, reported a major downturn in its economy last month as the COVID-19 outbreak triggered stricter restrictions and lockdowns, affecting retail sales and manufacturing in its property sector.
Now, the city government will amend guidelines to control the epidemic and return to work, repeal “unreasonable restrictions” on the initiative and resume production, and remove a “white list,” Vice Mayor Wu Qing said in a news briefing. Specifies a list of companies that are allowed to resume.
City officials say the measures are aimed at boosting the economy, helping enterprises and improving utilization. These include expediting the issuance and use of local government bonds, urging banks to renew loans for small and medium-sized enterprises, and establishing a green channel for approving real estate projects.
The city will reduce the purchase tax on some passenger cars to encourage automated use and increase the quota for passenger car license plates to 40,000 this year. Shanghai issued 135,000 such license plates in 2021.
All of these measures, along with others rolled out at the end of March, are expected to reduce the financial burden by more than 300 billion yuan for market players for the full year, said Deputy Secretary-General Hua Yuan of the Shanghai municipal government.
“In short, we will do our best to help all kinds of initiatives … and work together to revive and revive Shanghai’s economy,” he said.
“Although the epidemic had a major impact on Shanghai’s economy and society … the long-term positive trend in Shanghai’s economy has not changed.”
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)