Weekly policy snapshot of Chinese economy
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E-mail Xinhua, April 13, 2019
BEIJING, April 13 (Xinhua) -- The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:
-- More pilot FTZ practices to apply nationwide
China's Ministry of Commerce will push forward the formation of more replicable practices in the country's free trade zones (FTZs), a ministry spokesperson said Thursday.
"Currently, the ministry has sorted out a new batch of experiences from pilot FTZs, which will be released to the public at a proper time," spokesperson Gao Feng said at a press conference.
Since the first pilot FTZ was established in Shanghai in 2013, China has set up 12 pilot FTZs nationwide, resulting in 153 successful practices that have been replicated in other parts of the country.
The ministry is also working with Shanghai on the planning for a new area of the Shanghai FTZ.
-- Requirements for permanent residency eased
China said Monday it will ease the requirements for permanent residency in many large cities as part of its new urbanization push.
Restrictions on permanent residence permits should be scrapped in cities with populations between 1 million and 3 million, according to a document outlining key urbanization tasks this year released by the National Development and Reform Commission (NDRC), the country's top economic planner.
For cities with populations of 3 million to 5 million, the qualifications for such permits should be "fully relaxed," and the restrictions for certain key groups of people to get such permits should be removed, the document said.
The NDRC document also demanded cities with populations above 5 million to improve their policies and drastically expand the scale of permanent residency.
-- First national standard for insurance sector implemented
China has implemented its first national standard to boost the development of the world's second largest insurance market.
The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to a statement by the China Banking and Insurance Regulatory Commission.
It also covers fundamental terminology of all areas in China's insurance sector, including insurance products, contract management, compensation, and marketing and sales.
Released on Sept. 17, 2018, the national standard has been carried out in China since April 1, 2019, the regulator said.
-- Guideline unveiled to facilitate development of SMEs
A guideline has been released to facilitate the sound development of small and medium-sized enterprises (SMEs) by the General Office of the Communist Party of China Central Committee and the General Office of the State Council.
The guideline called for more attention to the problems impeding further growth of SMEs, such as rising costs, financing difficulties and inadequate innovation capability.
To solve such problems, the country will improve the business environment for SMEs by further broadening market access, simplifying administrative procedures and strengthening market supervision and regulation, according to the guideline.
Meanwhile, more measures will be launched to relieve SMEs' financing difficulties, including cutting targeted reserve requirement ratio for inclusive financing, creating more financing channels and encouraging SMEs to receive financing on the "new third board."
While readjusting tax policies to support the financing of SMEs and reducing their tax burdens, the country will increase financial support for innovation and entrepreneurship and consolidate the protection of intellectual property.
In addition, the guideline urged related institutions to enhance public services and accelerate the establishment of credit information sharing platforms for SMEs. Enditem
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