CHINA | Stabilising Shanghai Economy

Stabilising Shanghai Economy

On 29 May 2022, the Shanghai Municipal government announced several measures for stabilising the Shanghai economy.

Namely, the measures support small and micro companies and severely affected sectors including catering, retail, tourism and so forth. Below we summarise the announced measures for businesses in Shanghai.

  • Deferring social insurance payment for companies in catering, retail, tourism civil aviation and road, water and rail transport
  • Extending tax filling deadline for April, May and June to 30 June 2022
  • Exempting 6 months rent for those leasing from state-owned properties
  • Subsidising 30% of total rent reduction for any private-owned properties that reduce tenants’ rent for 6 months  
  • 10% utility fees subsidiary and garbage collection fee waiver for 3 months
  • Subsidising 600 RMB per employee for companies severely affected by epidemic measures (who did not terminate any employees), maximum subsidiary amount 3 million yuan  
  • Subsidising 2000 RMB per recruit for companies who recruit graduated employer

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