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Shanghai to roll back work restrictions, introduce economic support policies

SHANGHAI (Reuters) – Authorities in Shanghai will roll back many conditions for businesses to resume work from Wednesday, a city official said on Sunday, easing a citywide lockdown that began there. about two months, and will also introduce policies to support its struggling economy.

China’s commercial hub of Shanghai reported a sharp decline in its economy last month as COVID-19 outbreaks led to strict restrictions and lockdowns, affecting manufacturing, retail sales and its real estate sector.

Now, the city government will revise the guidelines for epidemic prevention and return-to-work control, cancel “unreasonable restrictions” on the resumption of work and production for businesses, and remove a “white list”, Vice Mayor Wu Qing said at a press briefing, referring to a list of companies allowed to return to work.

City officials said the measures to stimulate the economy were aimed at helping businesses and promoting consumption.

These include accelerating the issuance and use of local government bonds, asking banks to renew loans to small and medium-sized enterprises and setting up a green channel for the approval of real estate projects. .

The city will also cut some passenger car purchase taxes to boost automobile consumption and increase the license plate quota for passenger cars by 40,000 this year. Shanghai had issued 135,000 such license plates in 2021.

All of these measures, combined with others that were rolled out in late March, are expected to reduce the financial burden resulting from the pandemic by more than 300 billion yuan ($44.8 billion) for market participants across the country. the year, said Hua Yuan. , Deputy Secretary General of the Shanghai Municipal Government.

“In short, we will do our best to help all kinds of businesses…and work together to restore and revitalize Shanghai’s economy,” Wu said.

“Although the pandemic has had a great impact on Shanghai’s economy and society… The long-term positive trend of Shanghai’s economy has not changed.

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