Update on the Corona virus: Shanghai is set to lift the lockdown, while Beijing stays hopeful.

On Wednesday, Asian markets were cheered by the news that China had ended the lockdown in Shanghai city.

May 30, 2022 - 12:03 PM 275 views

Update on the Corona virus: Shanghai is set to lift the lockdown, while Beijing stays hopeful.

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© Update on the Corona virus: Shanghai is set to lift the lockdown, while Beijing stays hopeful.

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On Wednesday, Asian markets were cheered by the news that China had ended the lockdown in Shanghai city.

However, the China’s capital city Beijing remains restricted, despite the decrease in the number of the COVID cases and the Chinese authorities indicates that they are ready to ease restrictions in some parts of the city.

The capital city of China, Beijing diminished mobility curbs in various districts after officials said that the COVID outbreak was under control, and on Sunday, the Beijing city reported 21 new COVID cases, consequently on the straight seventh day.

The Shanghai municipal government on Saturday released a plan to restore the Chinese economy, which was affected by COVID lockdowns.

Important Takeaways

Delay in the collection of social insurance fees for tourism, food services, retail, civil aviation, rail transportation, businesses, land and water.

The tax filing deadline has been delayed for qualified individuals and companies.

Reduction in the six-month rent for small enterprises that pay rent on government-owned properties.

A 30% discount is given for privately owned properties that decrease rent for dwellers.

For Q2 and Q3 qualified businesses, there will be a property and land tax remissions.

Subsidies of 600 per person were given to enterprises that did not lay off workers in the worst-affected areas.

Subsidies of 2000 per person are available for enterprises that recruit the 2022 batch of graduating students or for those who have not been employed for 3 months or for a long period of time.

The Market Reaction

S&P futures are gaining 0.50% in a day and while at the time of writing the US dollar index fell 0.20% and traded at 101.48 points.

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