Shanghai, China’s financial hub, has announced the roll out of various policies designed to prop up the local economy during a surge in Covid-19 cases in the city, including a set of refunds that will lower companies’ tax burdens by RMB 140 billion ($22 billion) in 2022, reports Reuters. Internet platforms will be encouraged to further lower service fees and telecom operators to provide three months’ worth of free cloud services, for instance, the city government said in a statement on its website.
Subsidy support will be given to companies in the retail and catering industries to send their staff for regular COVID tests, and will also be provided to front-line healthcare personnel and volunteers involved in the city’s fight against the pandemic.
The government will encourage financial institutions to increase credit support and reduce loan interest rates for firms involved in food supply, while support will also be provided to the tourism, transport and exhibition industries, it said.