- Coronavirus update: Shanghai to end lockdown, Beijing remains hopeful
Market news
Coronavirus update: Shanghai to end lockdown, Beijing remains hopeful
Markets in Asia cheer news that China will essentially end the Shanghai lockdown on Wednesday.
Beijing, however, remains restricted, despite the no. of covid cases declining and officials indicating on the weekend, they are ready to ease restrictions in parts of the capital.
Capital Beijing eased mobility curbs in several districts after authorities said its outbreak was under control. The city reported 21 new cases on Sunday, declining for the seventh straight day.
Over the weekend, the Shanghai municipal government issued a plan issued to revitalize an economy impacted by covid lockdowns.
Key takeaways
Delaying collection of social insurance fees for food service, retail, tourism, civil aviation, land, water and rail transportation businesses.
Delaying tax filing deadline for qualified individuals and companies.
6-month rent reduction for small businesses that rent from state-owned properties.
30% subsidy for private-owned properties that reduce rent for tenants.
Property and land tax waivers for Q2,3 for qualified businesses.
600/head subsidy for hardest-hit businesses that didn't lay off workers.
2000/head subsidy for companies that employ graduating students in 2022 or those who've been unemployed for 3 months or longer.
Market reaction
S&P 500 futures are adding 0.50% on the day while the US dollar index drops 0.20% to trade at 101.48, as of writing.
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