SHANGHAI: Shanghai officials will waive numerous criteria for firms to begin operations on Wednesday, according to a city official, easing a two-month-old city-wide lockdown and introducing programmes to help the city’s bruised economy.

COVID-19 breakouts caused rigorous restrictions and lockdowns in China’s business capital of Shanghai last month, affecting everything from manufacturing to retail sales and the property industry.

Vice Mayor Wu Qing said at a news conference that the city government will revise guidelines for epidemic prevention and control of returning to work, cancel “unreasonable restrictions” on the resumption of work and production for enterprises, and remove a “white-list” of companies that are allowed to resume work.

Officials from the city stated the economic stimulus measures were designed to aid businesses and stimulate consumption. They include speeding up the issue and utilisation of local government bonds, requesting that banks extend loans to small and medium-sized businesses, and creating a green route for real estate project approval.

To encourage vehicle use, the city would lower some passenger car purchase levies and boost the quota of passenger car licence plates by 40,000 this year. In 2021, Shanghai issued 135,000 of these licence plates.

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According to Hua Yuan, deputy secretary general of Shanghai’s municipal administration, these steps, when combined with others that were implemented at the end of March, are expected to save market players about 300 billion yuan in financial burden as a result of the pandemic for the entire year.

“In sum, we will do everything we can to assist all types of businesses… and collaborate to repair and revitalise Shanghai’s economy,” Wu added.

“Although the epidemic had a significant economic and social impact on Shanghai… The Shanghai economy’s long-term good trend has not changed.”