Enterprises in Shanghai are on a steady track to resume operations and the city's smaller businesses stand to receive more government support to withstand this round of COVID-induced lockdown.
Among the first batch of companies given the green light to restore production in mid-April, over 80 percent have resumed operation, according to the Shanghai Municipal Commission of Economy and Informatization on Saturday.
Among them, automakers like SAIC Group and Tesla have seen vehicles roll off the assembly line, whereas semiconductor manufacturers SMIC and Huahong Group have reported capacity utilization of more than 90 percent.
The commission has subsequently enlisted a second batch of 1,188 enterprises eligible for resumption of work and has pledged to update guidelines on business resumption of industrial enterprises.
The commission would prioritize a three-pronged strategy to help smaller and medium-sized enterprises weather the lockdown-triggered difficulties, said Zhang Hongtao, chief engineer of the commission.
These include more policy interpretation sessions and online services, with the participation of experts in the fields of tax, finance, law and management, to lay out the suite of latest preferential policies and offer free assistance to SMEs.
The government will also put companies in touch with financing vehicles, such as dedicated loans introduced by the Shanghai branches of the Agricultural Bank of China or Industrial and Commercial Bank of China, to address capital shortage, he said.
The authorities will also lend a hand in connecting SMEs with vendors offering some 140 epidemic prevention-related materials and products. Additional services will also be available through virtual classes, livestream sessions and other cloud-based services.
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