Shanghai publishes economic recovery and revitalization plans following COVID-19 outbreak

To coordinate COVID-19 control with economic development, the municipal government of Shanghai on Sunday launched an action plan to speed up economic recovery.

The 50-point package of policy items covers measures in eight sectors, mainly about reducing pressure on business, supporting and maintaining the order of reopening, stabilizing trade and investment, as well as encouraging consumption.

The action plan includes vows of greater financial relief for COVID hit industries via more tax cuts and fee reductions, including extending rent relief.

To promote full recovery, the plan said more support and services will be offered to enterprises, such as offering subsidies and smoothing logistics.

A series of measures, including subsidies, discounts, and tax cuts, will be provided to boost consumption, especially consumption of cars and home appliances, according to the plan.

Shanghai is inching back toward reopening after the latest resurgence of COVID-19 infections brought the megacity of 25 million to a standstill for about two months.

From June 1 to mid-late June, Shanghai will fully restore the normal order of production and life across the city with routine COVID-19 prevention and control measures, while strictly preventing any resurgence of COVID-19.

(Xinhua)