Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, September 29, 2019
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BEIJING, Sept. 29 (Xinhua) -- The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:

-- Key tasks for building national strength in transportation

The government will improve transportation infrastructure, especially networks that weave cities closer and cover rural areas, Minister of Transport Li Xiaopeng told a press conference on the outline on building China's strength in transportation.

The innovation of new and specially-designed transportation equipment will be encouraged to foster the technical upgrade in the industry, said Li.

Transportation services will be upgraded to make traveling faster and more convenient, and logistics greener and more efficient.

-- Continued supports for enterprises to purchase U.S. farm products

China supports relevant enterprises to continue to purchase a certain amount of U.S. farm products, including soybeans and pork, in line with the rules of the market and the World Trade Organization, official sources said Tuesday.

The Customs Tariff Commission of the State Council will continue to exclude the above agricultural products from the additional tariffs on U.S. goods, according to sources with the National Development and Reform Commission and the Ministry of Commerce (MOC).

-- Reserve pork released

Chinese authorities announced on Thursday plans to release more pork from its central reserves to ensure market supply for the upcoming National Day Holiday.

Gao Feng, spokesperson for the MOC, said that 10,000 tonnes of pork will be released from reserves to brace for a spike in demand during the seven-day holiday.

-- Supportive policies to increase supply of rental housing

The country will speed up the improvement of the housing security system and housing market system, and solve the housing problem for low- and middle-income urban residents, Wang Menghui, minister of Housing and Urban-Rural Development, told a press conference Thursday.

Large- and medium-sized cities with a large inflow of population and high housing prices will be encouraged to develop shared ownership housing based on local conditions, said Wang.

-- Lower real interest rates

China's central bank said it would step up efforts in smoothing out the transmission of monetary policy and take market-oriented reform measures to cut real interest rates.

Efforts should also be made to lead financial institutions to increase their support for the real economy, especially for the micro and small enterprises and the private sector, the People's Bank of China said in a statement after a quarterly monetary policy committee meeting. Enditem

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