A batch of 48 business projects worth a total of more than 21 billion yuan (US$3.16 billion) were signed via the Internet on Monday by Qingpu District.

Nine cover digital economy, seven related to the "headquarters economy" and another seven involving biomedicine.

The "cloud signing" event is a significant measure to accelerate economic recovery, promote economic development and boost confidence, said Yang Xiaojing, deputy Party secretary and director of Qingpu District.

Although the COVID-19 resurgence has had a short-term impact on the district's economic development, the promising long-term outlook has not changed, she said.

Qingpu will keep improving its business environment and spare no effort to help companies tackle difficulties after they resume normal manufacturing and operations, said Yang.

The district has earmarked the first batch of funds totaling 18.78 million yuan to fuel companies' resumption of manufacturing and operations and help them get through tough times.

It has also exempted rents worth about 58 million yuan for small and micro-sized businesses and other companies hit by the COVID-19 resurgence.

The district has released 30 policies and measures to revitalize economic development, including steps to boost the confidence of foreign-funded enterprises.

A quarterly round-table conference mechanism between government authorities and foreign companies will be established to help them solve problems.

Special funds have been earmarked by the district government to support the development of regional headquarters of multinational corporations – the "headquarters economy."