Shanghai takes action to support businesses

Shanghai released a 21-point document on March 29 to assist businesses in the city and promote development while it fights its worst COVID-19 outbreak.

The document sets out tax rebates and reductions, fee reductions, rent reductions and exemptions, financial subsidies, and measures to stabilize employment, which are all part of the city’s latest effort to help businesses through the challenging period in sectors including catering, retail, tourism, transportation and exhibitions.

Official estimates showed that the tax-related measures alone can reduce the financial burden on related industries and businesses by 140 billion yuan ($22 billion) this year.

Ruan Qing, deputy director of the Shanghai Development and Reform Commission, said the measures in Shanghai came after the release of similar national policies in midFebruary, and these were updated to offer stronger support to businesses in the city.