Shanghai gave tax breaks to businesses and enabled all manufacturers to reopen in June as part of a slew of steps aimed at reviving an industry hit by Covid lockdowns.
According to a plan released by the Shanghai municipal administration, the financial hub will speed up approvals for property projects and provide new residential constructions. This year, the car ownership quota will be increased by 40,000 people, the purchase tax for some passenger vehicles will be decreased, and electric car buyers will receive subsidies.
Starting June 1, Shanghai companies will no longer be required to be on a “whitelist” in order to begin manufacturing. 50 measures in eight categories aimed at stabilizing the city’s economy after the current Covid outbreak hurt economic and social development.
Shanghai will relax Covid test restrictions for persons entering public venues on June 1 as the city attempts to reestablish normalcy following a two-month siege of its 25 million residents. It reported 122 new local Covid cases, down from 170 on Friday. Outside of government quarantine, only one positive case was discovered.
Capital After authorities believed the outbreak was under control, Beijing loosened movement restrictions in numerous districts. On Sunday, the city reported 21 new cases, down for the seventh day in a row.
Other measures published plan include:
- More tax, fee cuts for companies; reducing rents for more firms
- Starting more urban renovation projects and supporting local government to sell special bonds for city renovation projects
- Encouraging commerce firms and e-commerce platforms to issue coupons to boost consumption
- Supporting construction of infrastructure projects in railway, airport hubs, ports and energy sectors; accelerating implementation of major projects in integrated circuits and new energy vehicles
- Boosting financial support to foreign trade firms
- Properly increasing construction land quota for 2022
- Helping foreign companies resume operations and supporting multinational companies to establish regional headquarters and research centers in Shanghai
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