Shanghai Releases 50 New Support Measures to Restart Economy
To restart its economy after a prolonged shutdown due to COVID-19 outbreaks, Shanghai authorities have proposed several new support measures in eight categories in their latest Action Plan, released May 29, 2022. These impact tax liabilities, support for operating costs, access to subsidies, and eligibility for exemptions, among other things. Enterprises don’t have to seek approval for the resumption of work and production from June 1, 2022 – they can make this decision based on the epidemic situation of the area where they are located, thereby avoiding any burdensome application procedures.
After a nearly two-month lockdown, Shanghai is ramping up new supportive measures to reboot its economy. On May 29, 2022, the Shanghai Municipal Government released its Action Plan of Shanghai for Accelerating Economic Recovery and Revitalization (Action Plan), which provides 50 measures in eight areas.
According to the Action Plan,…
