Shanghai lockdown: Chinese financial hub set to lift curbs on firms

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Some Covid-19 lock down measures will be lifted from Wednesday.

The economy of the city has been hit hard by the restrictions.

The commercial centre has been locked down for almost two months.

Beijing has reopened parts of its public transport system as well as some shopping malls.

Official figures showed on Sunday that new daily coronaviruses cases fell to 122 from 170 over the previous 24 hours.

Guidelines to control the number of people returning to work will be revised.

The vice mayor told a news briefing that unreasonable restrictions would be lifted on restarting work and production at companies.

Companies won't need to be on the whitelist to resume production on June 1.

The city launched a 50-point plan to revive its economy, which was worth more than $600 billion before it was locked down.

Reducing some taxes for car buyers was one of the new measures.

Drivers who switch to an electric vehicle will be able to claim a subsidy.

Firms will be able to delay insurance and rent payments, as well as receive subsidies for utility charges.

This year, banks will be asked to renew loans to small and medium-sized businesses.

Vouchers will be given to support retailers and e-commerce platforms for businesses in the cultural, tourism and fitness industries.

The measures that were put in place at the end of March came on top of the latest moves.

The biggest city in China with a population of 25 million is Shanghai, which is a key financial, manufacturing and shipping hub.

Many of the residents have lost their income due to the lock down and are struggling to find enough food.

Volkswagen and other western car makers have been impacted by the restrictions as staff were kept away from factories or had to work in closed loop conditions where they lived at the plants.

Authorities in Beijing relaxed curbs on Sunday after officials said the outbreak was under control.

Most of the capital's public transport system will resume in three districts.

Some parts of the city have been allowed to reopen shopping malls.

Workers in the south west and north east of the city have been allowed to return to work.

Internet cafes and karaoke bars were not open.