Shanghai says will hand out $22 bn in tax relief to firms amid Covid fight

China's Shanghai said it would roll out policies to help the local economy cope with a surge in Covid-19 cases in the city, including offering refunds that will reduce firms' tax burdens by $22 bn

China's Shanghai on Tuesday said it would roll out policies to help the local economy cope with a surge in COVID-19 cases in the city, including offering refunds that will reduce firms' tax burdens by 140 billion yuan ($22 billion) in 2022.

Internet platforms will be encouraged to further lower service fees and telecom operators to provide three months' worth of free cloud services, for instance, the city government said in a statement on its website.

Subsidy support will be given to companies in the retail and catering industries to send their staff for regular COVID tests, and will also be provided