Shanghai’s New Economic Action Plan Focuses on Spurring Consumption, Deferral of Small Business Loan Payments

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Shanghai has just released a new economic “action plan” for the purpose of shoring up economic growth within the city’s jurisdiction.

The Shanghai municipal government released the “Shanghai Action Plan for Increasing Confidence, Expanding Demand, Stabilising Growth and Spurring Development” (上海市提信心扩需求稳增长促发展行动方案) on 20 January, with the goals of “firmly seizing the chief mission of high-quality development, vigorously invigorating market expectations and confidence, driving a strong opening for economic and social development, achieving effective increases in quality and rational growth in quantity, and striving to achieve key full year targets for economic development.

The Plan covers a total of five areas including:

  1. Alleviating enterprises in difficulty as a result of the Covid pandemic.
  2. Helping enterprises to stabilise and expand employment.
  3. Restoring and invigorating consumption.
  4. Expanding effective investment.
  5. Maintaining the stability and improving the quality of foreign trade.