At a conference in the city on March 2, Mr Quan asked the relevant agencies to upgrade equipment, bring in new technology, readjust their economic and labour structures and pool their resources for socio-economic infrastructure projects.

According to Mr Quan, the city will accelerate the disbursement of capital, cut investments in inefficient projects and beef up housing projects for low-income earners including employees and students.

The city will help businesses to target the domestic market to boost production and consumption while seeking to expand overseas markets.

The mayor urged all agencies to iron out snags for businesses, with a focus on simplifying administrative procedures, and provide support to social policy beneficiaries, the poor, employees and farmers who are most vulnerable to the economic slowdown.