The move, together with the government's efforts to further reduce administrative charges, will lighten the non-tax burden on market entities by more than 300 billion yuan this year, Yue said.
The move is aimed at solving existing problems such as unclear responsibilities, cross-regulation and absence of supervision.
The move will officially start the operation by the end of this year, and will jointly establish the "Shanghai Ronald McDonald House."
The municipality has dispatched more than 1,600 doctors and nurses to the epicenter of the outbreak so far.
The move is an attempt to make the most of the unprecedented opportunities brought by China's latest development plan for the new energy vehicle sector, including the suppliers to the whole industry chain.
The municipality aims to boost trade, economic cooperation, investment and draw international talent through the fair, according to commerce authority of the city.
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The move came following the death of Li Wenxing, a 23-year-old university graduate who got involved in a pyramid scheme through an online recruitment site and was found drowned in Tianjin, sparking nationwide rage against pyramid sellers.
The move has fueled widespread concerns over US investment and the business environment, Gao said. "We hope the US does not try to be too clever, or it will only receive a bitter outcome from what it has done."
The ministry's anti-fraud warning number-96110-has helped about 8.7 million people avoid being cheated. In addition, the ministry has issued A-level arrest warrants, the highest-level wanted notices issued nationwide, for 10 fugitive leaders of telecom and internet fraud groups.
The move is to offset the influence from factors such as the use of Contingent Reserve Arrangement (CRA) and fiscal expenditure to maintain stable liquidity in the banking system, said the People's Bank of China (PBOC) on its website.