May 30, 2022 08:40 PM

Shanghai Announces Raft of Policies to Resurrect Economy

A property development in Shanghai on Nov. 16. Photo: VCG
A property development in Shanghai on Nov. 16. Photo: VCG

As Shanghai gradually opens back up after two months of strict lockdown, China’s financial hub has rolled out dozens of policies it hopes will help bring its economy back to life.

The municipal government is aiming, in particular, to prop up the property market — which was already suffering from a nationwide liquidity crisis before the outbreak began — as well as to support smaller enterprises and consumer demand.

In a policy document (link in Chinese), the city says that it will approve new housing projects and allow developers to delay the payment of land use fees to the authorities. It also pledges preferential policies to help people buying their first or second home, without giving specifics.

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