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FRIDAY, December 09, 2022
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Shanghai action plan aims to speed up economic recovery

Shanghai action plan aims to speed up economic recovery

MONDAY, May 30, 2022

Shanghai’s municipal government on Sunday announced an action plan to speed up economic recovery to go side by side with its Covid-19 control measures. 


Under the plan, comprising 50 policies and measures, the city's approval system for resumption of production would be abandoned starting June 1, Shanghai deputy mayor Wu Qing told a press conference.

At the same time, the city will promote resumption of work in all sectors by expanding the scope of subsidies for enterprises' epidemic prevention and disinfection, stabilising industrial and supply chains in the Yangtze River Delta, and streamlining domestic and international logistics and transportation channels.

The city will reduce rent, property tax and urban land use tax for qualified enterprises. It will also grant water, electricity and natural gas fee subsidies to non-resident users.

According to the plan, measures will also be adopted to invite foreign capital, encourage consumption, and expand investment.

Shanghai will establish a mechanism to arrange designated personnel to aid work resumption of key foreign-funded enterprises and launch an online service system for major foreign-funded projects.

It will start the application process for special funds to develop the regional headquarters of multinational corporations in Shanghai ahead of schedule in 2022.

The city will gradually reduce the purchase tax on some passenger vehicles as required by national policies. It will also provide subsidies to consumers who replace internal combustion engine cars with electric ones, and support large commercial enterprises and e-commerce platforms in issuing consumption coupons.

The Shanghai municipality has also vowed to promote the reconstruction of some old areas and support the scale expansion of corporate bond issuances to expand investment.

China Daily

Asia News Network

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Shanghai action plan aims to speed up economic recovery

 

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