By Liz Moyer

Investing.com — Chinese internet companies saw shares rise on Tuesday following the opening of Shanghai for business after several weeks of Covid-19-related lockdowns.

Multiple reports claim that Shanghai officials said Wednesday that low-risk areas of Shanghai will be reopened and that public transport will resume on Wednesday. It also revealed a multipoint plan for its recovery that included business tax cuts as well as subsidies to people who want to buy electric vehicles. In China, the manufacturing data was much better than anticipated, which is a positive sign that more cities are ending lockdowns.

ADRs (shares) of e-commerce firms Pinduoduo (NASDAQ) rose by 4%; JD.com Inc Adr(NASDAQ:] 6% Alibaba Group Holdings Ltd ADR(NYSE:] 2.7% Baidu Inc shares (NASDAQ:) also increased 3.5%

China won’t give up on its Zero Covid strategy. This involves monitoring, testing, and isolating in order to stop the spread of the disease. The government is introducing mass testing to allow people to be tested frequently in order to gain access to stores and public transport. According to Reuters, the Chinese government will spend over $50 billion on Covid testing and medical facilities this year.