Shanghai unveils business restart plan on supply chain woes

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Shanghai unveils business restart plan on supply chain woes
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SHANGHAI - Shanghai published plans to resume production in the city after weeks of Covid-19 lockdown snarled supply chains and dealt a blow to the Chinese economy.

Businesses should formulate plans for closed-loop management, where workers live on-site and are tested regularly. They should also apply for approval to restart production with Covid-19 control authorities at the district and city levels, Shanghai's Economic and Information Technology Commission said in a statement on its WeChat account. The agency did not provide a timetable of work resumption.

The key to addressing the economic woes is adjusting China's Covid Zero policy, analysts said, as the Chinese central bank takes a cautious approach with monetary easing. But top officials have repeatedly warned about risks to growth and the need for more monetary and fiscal stimulus.

 

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