Shanghai to cancel several restrictions on companies to aid economy

Shanghai authorities will cancel many conditions for businesses to resume work from Wednesday, a city official said on Sunday, easing a city-wide lockdown that began some two months ago, and will also introduce policies to support its battered economy.

China’s commercial hub of Shanghai reported a broad decline in its economy last month as Covid-19 outbreaks prompted stringent restrictions and lockdowns, impacting manufacturing to retail sales and its property sector.

Now, 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 do away with its “white-list” system, Vice Mayor Wu Qing told a news briefing, referring to how it had previously prioritised some companies in resuming work and had published lists of names.

Businesses will also from June 1 no longer need to apply to resume work, he said, without detailing what other restrictions were being removed.

City officials also announced an action plan —consisting of 50 policy measures — to boost the economy, aimed at helping enterprises and promoting consumption. They include accelerating the issuance and use of local government bonds, asking banks to renew loans for small and medium sized enterprises and establishing a green channel for approving real estate projects.

The city will also reduce some passenger car purchase taxes to spur auto consumption, and increase the quota of license plates for passenger cars by 40,000 this year. Shanghai had issued 135,000 such license plates in 2021.

UK to Try four-Day Workweek
 

Over 3,000 people from 60 UK companies are going to be a part of a six-month trial of a four-day working week. The pilot — touted as the world’s biggest so far — aims to help firms shorten their working hours without cutting salaries or sacrificing revenues. Similar trials have also taken place in the US and Canada.  Alex Soojung-Kim Pang, programme manager at 4 Day Week Global said it will give firms “more time” to work through challenges. (Agencies)

Return of pound, ounces on the cards

British Prime Minister Boris Johnson is reportedly set to announce a return to imperial measurements of pounds and ounces as a post-Brexit move away from the European metric system to mark the Queen’s Platinum Jubilee next week. It is also being seen as an attempt to placate his Brexit voter base in the wake of the scandal of Covid lockdown breaching parties at Downing Street. (PTI)