Economy

Shanghai eases return to work, moves to support economy – Financial Post

Published

2 years ago

May 29, 2022

SHANGHAI — Shanghai authorities will cancel many conditions for businesses to resume work from Wednesday, a city official said on Sunday, easing a city-wide lockdown that began some two months ago, and will also introduce policies to support its battered economy.

China’s commercial hub of Shanghai reported a broad decline in its economy last month as COVID-19 outbreaks prompted stringent restrictions and lockdowns, impacting manufacturing to retail sales and its property sector.

Now, the city government will revise guidelines for epidemic prevention and control of returning to work, cancel “unreasonable restrictions” on the resumption of work and production for enterprises and do away with its “white-list” system, Vice Mayor Wu Qing told a news briefing, referring to how it had previously prioritized some companies in resuming work and had published lists of names.

Businesses will also from June 1 no longer need to apply to resume work, he said, without detailing what other restrictions were being removed.

City officials also announced an action plan – consisting of 50 policy measures – to boost the economy, aimed at helping enterprises and promoting consumption. They include accelerating the issuance and use of local government bonds, asking banks to renew loans for small and medium sized enterprises and establishing a green channel for approving real estate projects.

The city will also reduce some passenger car purchase taxes to spur auto consumption, and increase the quota of license plates for passenger cars by 40,000 this year. Shanghai had issued 135,000 such license plates in 2021.

A 10,000 yuan subsidy will also be granted to people looking to switch to an electric vehicle.

Additionally, authorities will seek to help companies impacted by the lockdown by allowing them to delay insurance payments and rent, as well as offering subsidies on their utility bills. E-commerce platforms and large retail businesses will be supported with voucher handouts, particularly for the cultural, tourism and fitness industries.

All these measures, combined with others that were rolled-out at the end of March, are estimated to reduce over 300 billion yuan of financial burden as a result of the pandemic for market players for the full year, said Hua Yuan, deputy secretary general of Shanghai’s municipal government.

“In short, we will do our best to help all kinds of enterprises… and work together to restore and revitalize Shanghai’s economy,” said Wu.

“Although the pandemic had a great impact on Shanghai’s economy and society… The long-term positive trend of Shanghai’s economy has not changed.” (Reporting by Brenda Goh, Ma Rong and Emily Chow Editing by William Mallard, Raissa Kasolowsky and Mark Potter)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

2 days ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

3 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

4 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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