Shanghai has unveiled new policies to support the economy hit by Covid-19 pandemic. These include some tax rebates for companies and allowing all manufacturers to resume operations from June. The Shanghai municipal government said it will accelerate approvals for property projects and supply new residential developments. The government also increased the quota for car ownership this year by 40,000, a purchase tax for some passenger vehicles will be reduced, and subsidies will be given to electric car buyers. The measures were part of 50 measures in eight categories aimed at stabilizing the city’s economy after the current Covid outbreak hurt economic and social development. Shanghai vice-mayor Wu Qing said that companies in the financial hub will no longer need to be on a “white list” to resume production starting from June 1.
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