Shanghai authorities hold meeting on speeding up economic recovery

June 7, 2022 0 Comments

The Shanghai authorities held a meeting on June 7, proposing to give top priority to restoring market expectations and go all out to speed up economic recovery and revitalization.

The meeting, chaired by Li Qiang, Secretary of the Municipal Party Committee, pointed out that it is necessary to correctly grasp the current economic situation, keep a clear head, strengthen confidence in development, and go all out to speed up economic recovery and revitalization.

At the meeting, it was said that the top priorities are to restore market expectations and boost market players’ and investors’ confidence even more. The government should speed up the implementation of policies that help businesses, speed up capital flow, and restart production lines, said the meeting.

It is necessary to accelerate the cultivation and exploration of new drivers of economic growth, and accelerate the digitalization and transformation of traditional factories, according to the meeting.

Since March, the breakout of COVID-19 in Shanghai, China’s most important financial and industrial hub, has slowed development throughout the country.

To boost a fast recovery of economic and social activities, Shanghai rolled out a basket of 50 measures, ranging from encouraging work resumption and stabilizing foreign capital to stimulating consumption, according to state-owned media Global Times. As for manufacturing and business resumption, the metropolis has scrapped the “whitelist” mechanism and other restrictions on companies that want to restart.

According to a report by China’s national broadcaster CCTV, all of Shanghai’s air links have gradually recovered, with the daily cargo volume of major airlines and logistics firms returning to 80 percent of the normal level.

Cover image by Edward He on Unsplash

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