(Yicai Global) March 4 -- Shanghai will follow the central government's instructions to ease local companies' financial burdens by cutting their social insurance payments by CNY50 billion (USD7.2 billion) this year.

Moreover, the eastern city has already started reducing firms' fees and taxes by an estimated CNY1.2 billion (USD172.3 million) this year, Zhang Lan, deputy director at the Shanghai Municipal Human Resources and Social Security Bureau, said at a press conference today.

Editor: Emmi Laine