Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, June 9, 2019
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BEIJING, June 9 (Xinhua) -- The following are the key takeaways of the major economic decisions announced by the Chinese authorities in the past week:

-- Baby formula "Made in China"

China is aiming to maintain a self-sufficiency ratio of baby formula above 60 percent to better meet the growing demand, the National Development and Reform Commission (NDRC) said Monday.

China will also improve the quality of baby formula to boost consumer confidence and satisfaction, according to a plan jointly issued by NDRC and six other government departments.

-- New ways to boost innovation

China will take various measures to push mass entrepreneurship and innovation, according to a decision made at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

The costs for mass entrepreneurship and innovation should be lowered via more streamlined administration while implementation of tax incentives for research and development will be accelerated, according to the meeting.

-- Opportunity for new energy vehicles

China has released a guideline to encourage the consumption of new energy vehicles (NEVs) to promote high-quality development of the sector and form a strong domestic market.

The cost of NEV production will be substantially lowered and the research and industrialization of the new generation of NEV batteries accelerated, according to a guideline jointly released by the National Development and Reform Commission and other two central departments on upgrading the country's consumption in 2019-2020.

-- Investment quota for Netherlands

China has extended its Renminbi (RMB) Qualified Foreign Institutional Investors (RQFII) program to Netherlands, with a quota of 50 billion yuan (about 7.3 billion U.S. dollars), the central bank said Wednesday.

The inclusion of the Netherlands into the RQFII program is an important sign showcasing expanded financial cooperation between the two countries. It is conducive to advancing bilateral trade and investment facilitation, the People's Bank of China said in an online statement.

-- 5G commercial use

China's Ministry of Industry and Information Technology on Thursday granted 5G licenses for commercial use, marking the beginning of a new era in the country's telecommunication industry.

China Telecom, China Mobile, China Unicom and China Broadcasting Network are the first batch of companies that obtained the 5G licenses. Enditem

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