Pudong releases measures to help boost virus-hit economy

Pudong New Area in East China's Shanghai has unveiled 50 concrete policy measures to minimize the impact caused by the COVID-19 pandemic and help ease the burden on enterprises.

According to the measures, the local government is striving to keep the economy stable, and the top priorities are stabilizing market entities, shoring up market expectations and confidence, and unlocking market vitality. Pudong will give full support to industry leaders and encourage them to further expand and grow, as well as promote the coordinated development of upstream and downstream industrial chains.

Pudong will roll out a slew of tailor-made policies to further ease enterprises' burdens. The government will give top priority to key enterprises, projects and industries, and make Pudong a critical anchor for promoting Shanghai's high-quality economic growth.

A total of 10 detailed measures were formulated to help micro, small and medium-sized enterprises (MSMEs) to alleviate the financial burdens brought about by COVID-19 outbreaks. These measures include maintaining the smooth and stable operation of industry and supply chains, and providing tax refunds, fee reductions, reduced rents, and cheaper and more accessible financing for MSMEs.

Another key area of focus is the advancement of the coordinated development of industry, innovation and value chains, which is intended to create a sound ecological environment for industries. More support will be given to enterprises by encouraging them to improve their research and development capabilities in order to boost their core competitiveness. Digital infrastructure projects, and projects related to artificial intelligence, the industrial internet and the internet of things will gain more support from the the government.

Specific policies will also be drawn up to stabilize foreign trade, boost consumption, and attract investment. Pudong will give top priority to stabilizing employment and ensuring quality living standards and effectively safeguarding people's wellbeing.

Pudong New Area in East China's Shanghai unveils 50 concrete policy measures to minimize the impact caused by the COVID-19 pandemic and help ease the burden on enterprises. [Photo/IC]