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Shanghai Unveils Economic Support Measures as Lockdowns Ease

Bloomberg business news
WATCH+ Shanghai is bringing measures to support an economy that has been battered by Covid lockdowns. Emma O’Brien reports.Source: Bloomberg

Shanghai offered tax rebates for companies and allowed all manufacturers to resume operations from June as authorities rolled out scores of policies to revitalize an economy impacted by Covid lockdowns.

The financial hub will accelerate approvals for property projects and supply new residential developments, according to a plan issued by the Shanghai municipal government. The quota for car ownership this year will be increased by 40,000, a purchase tax for some passenger vehicles will be reduced and subsidies will be given to electric car buyers.