Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, August 12, 2019
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The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:

-- China issues overall plan for the new area of the Shanghai FTZ

China's State Council, or the cabinet, has issued an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone.

According to the plan, the new section will match the standard of the most competitive free trade zones worldwide and implement opening-up policies and systems with strong global market competitiveness.

The new area will facilitate overseas investment and capital flows and realize the free flow of goods, according to the plan.

The area will be built into a special economic function zone with global influence and competitiveness, to better serve the country's overall opening-up strategy.

-- China to establish a long-term mechanism for handling irregularities in business-related charges

China will establish a long-term mechanism for handling business-related charges that are against the regulations.

Gan Lin, deputy chief of the State Administration for Market Regulation, said that a recent circular called for self-examination and self-correction among all related authorities.

Both central and local governments should enhance the disclosure of fee-charging procedures to ensure open and transparent charging on firms and strengthen social supervision.

-- China to enhance management of insurance assets, liabilities

China will see strengthened management and supervision of insurance assets and liabilities, according to interim measures issued by the banking and insurance regulator Thursday.

The measures were released to further improve the regulatory system of insurance assets and liabilities management, the China Banking and Insurance Regulatory Commission said.

-- China to nurture platform economy growth

China will take a series of measures to support the development of the platform economy as the country aims to leverage internet-based technologies and services to boost economic growth.

The government will cut red tape for business registration of related companies, with efforts to be made to improve conditions for market access and lower compliance costs for such companies, according to a guideline released by the general office of the State Council recently.

A new regulation approach will be developed to help nurture the sector's growth while ensuring fair market competition, with innovated oversight to accommodate inclusiveness and prudence, said the guideline.

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