Shanghai Announces 50 Measures to Accelerate Post-Covid Recovery

On May 29, Shanghai’s municipal government issued an action plan for accelerating economic recovery and revitalisation, which includes 50 policy measures in eight areas. The plan provides that Shanghai will cancel the approval system for enterprises to resume work and production from 1 June, and at the same time introduce a series of measures to stabilise foreign investment, promote consumption, and facilitate investment. It is estimated Shanghai will reduce the burden on businesses by more than RMB300 billion throughout the year.