Shanghai has pledged further support for small and medium enterprises with more coordinated initiatives to encourage high-quality economic development.

Altogether 20 measures including tax cuts, lowering of overall hiring costs such as mandatory social insurance contributions, and preferential lending policies towards small businesses have been put into effect this month, director of the Shanghai Development and Reform Commission Gu Jun said at a press conference on Friday.

"As a part of the overall macro policies to support stable overall economic outlook, growth target and employment, it's essential to further relieve the overall burden for enterprises as we strive to optimize the business environment," he said.

Overall tax deductions and other incentives are expected to reach 117 billion yuan (US$16 billion) this year, according to the SDRC.

A total of 500 billion yuan worth of bail-out financing is to be granted for small and micro businesses, and the average cost for commercial use of water, gas, and overall public utility fees at industry parks have also been lowered.

The Shanghai Human Resources and Social Security Bureau is offering a one-off subsidy of 2,000 yuan for those that hire unemployed or high school graduates.

A total of 630 job fairs with nearly 128,800 positions have already been staged this year in the city and tailor-made service targeting over 2,100 enterprises.

Altogether 2000 job fairs are to be held in Shanghai this year covering some 300,000 people and the city's public job seeking and hiring platform will be further optimized.

Startups that fit with the city's strategic and pillar industries are eligible for up to 5 million yuan of secured loans and special campaigns promoting inclusive financial service targeting private businesses will be launched later this year by the local financial bureau.