The municipal government of Shanghai on Sunday launched an action plan to expand demand, stabilize growth and promote development.

This photo taken on Nov. 4, 2022 shows an evening view of the Lujiazui area in east China's Shanghai. (Xinhua/Wang Xiang)

Under the plan, composed of 32 policies and measures, the megacity in east China will fully implement preferential policies on taxes and fees, including the purchase tax exemption for new-energy vehicles.

At the same time, measures will be adopted to reduce employment costs for enterprises.

To restore and boost consumption, Shanghai will provide subsidies to consumers who buy green smart home appliances. It will also issue cultural tourism, sports, catering and retail consumption vouchers.

Since 2023, Shanghai has signed more than 160 key industrial projects, with a total investment of 100 billion yuan (about 14.77 billion U.S. dollars).