(Photo: VCG)

The municipal government of Shanghai on Sunday launched an action plan to speed up economic recovery. The action plan includes measures for stabilizing and expanding employment by adding financial assistance, ensuring people's livelihood, and optimizing the business environment.

The action plan includes vows of greater financial relief for industries via more tax cuts, fee reductions and subsidy increases, including extending rent relief and refinancing loans. In addition, the government will start land market transactions as soon as possible, and increase the annual construction land plan.

Shanghai will provide grants to college graduates for internships and job hunting. The local government will improve household registration and house purchase conditions. A series of measures such as subsidies and the amount of land zoned for construction will be put in place to ensure people’s livelihood.

In terms of optimizing the business environment, the plan will establish a service mechanism for local government to respond to enterprises’ demands and solve their problems quickly. The plan also provides support for purchases by small- and medium-sized enterprises.

(Compiled by Zhang Chuyu)