China Doles Out Support for Businesses Amid Worst Covid Outbreak Since 2020

Chinese cities affected by the recent Covid-19 outbreak — the most serious one since early 2020 — have rolled out policies, such as tax cuts and consumption vouchers, to cushion its impact on local businesses.

On Tuesday, Shanghai announced a bundle of policies to prop up businesses. The measures include tax and fee cuts, rent cuts for small businesses renting state-owned property, and credit support. Also included are measures that specifically target restaurants, retail businesses, travel agencies and tourist sites, the transportation sector, and companies in the exhibition industry.