Authorities in Shanghai said «unreasonable» business restrictions, including the recently introduced «white lists», will be removed, in the midst of a grueling two-month lockdown for China’s financial capital.
From June 1 onwards, «unreasonable» curbs on business will be removed in Shanghai, according to local media reports over the weekend.
«We will fully support and organize the resumption of work and production of enterprises in various industries and fields,» said a «Reuters» report citing vice mayor Wu Qing.
«White Lists» Scrapped
One of the rules that Shanghai will look to scrap is the recently introduced «white lists» of firms approved to resume business.
The most recent list of approved financial institutions included more than 800 entities, including global banks like HSBC and J.P. Morgan, with rules that cap maximum capacity at 40 percent of total staff.
China’s financial capital is home to 25 million people who have undergone lockdowns for two months with a significant impact on the economy as well as the city’s reputation as many struggled with daily challenges such as access to food or medical supplies.
