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China: Beijing relaxes Covid restrictions, Shanghai to end several curbs from 1 June

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Covid-19 lockdown, Chinese commercial hub Shanghai has also said that "unreasonable" curbs on businesses will be removed from 1 June.

The city of 25 million people aims to essentially end from Wednesday a two-month lockdown that has severely damaged the economy and seen many residents lose income, struggle to source food and cope with the isolation.

In view of this, Shanghai also launched measures to support its economy, including reducing some taxes on car purchases, accelerating the issuance of local government bonds, and speeding up approvals of real estate projects.

The authorities have planned to ask banks to renew loans to smalcol and medium firms worth a total of 100 billion yuan ($15 billion) this year. "We will fully support and organise the resumption of work and production of enterprises in various industries and fields," said vice mayor Wu Qing, adding that "unreasonable" Covid restrictions on businesses would be lifted.

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