China’s financial hub Shanghai announces relief package to help businesses survive Covid-19 outbreak, phased lockdown

2022-03-29 2022-07-25

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China's financial hub of Shanghai announced a package of measures including cutting taxes and waiving rents for small and individual-run businesses to help businesses survive the city’s phased lockdown imposed to contain its worst Covid-19 outbreak.

Shanghai will cut taxes for enterprises by about 140 billion yuan ($22 billion) this year, Ruan Qing, deputy director of the Shanghai Municipal Development and Reform Commission, said at a press conference on Tuesday.

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