Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, October 13, 2019
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BEIJING, Oct. 13 (Xinhua) -- The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:

-- Draft regulation passed on improving business environment

The State Council, China's cabinet, on Tuesday passed a draft of regulations on improving the business environment by offering market entities institutional guarantees when they invest and develop business in China.

China will continue to expand market access, implement a unified nationwide negative list and further simplify administrative licensing.

The government will standardize and innovate their methods in supervision and law enforcement, and adopt an inclusive and prudent regulatory principle when it comes to emerging industries.

-- Tax reform specifying fiscal powers of central and local governments pushed forward

The State Council has released a guideline to establish a fiscal relationship between the central and local governments built upon clearly defined powers and responsibilities, appropriate financial resource allocation and greater balance between regions.

The document clarified that the country will maintain the equal split of value-added tax (VAT) revenues between the central and local governments to stabilize expectations and encourage local governments to develop competitive industries and expand tax sources.

The new guideline has also improved the refund sharing mechanism for excess VAT paid to alleviate local government's fiscal pressure.

-- Process for applications of scientific findings simplified

China has decided to simplify procedures for research institutions and colleges to manage their scientific findings as part of efforts to stimulate innovation-driven growth.

Central-level research institutions and colleges will decide to transfer, license or invest their scientific achievements (excluding those involving State secrets, national security and core technologies) of their own accord, without having to get prior approval from regulatory departments and the Ministry of Finance, according to a notice by the Ministry of Finance.

-- Definition of standard credit assets clarified

China's central bank on Saturday published draft rules clarifying standard credit assets in a bid to better regulate the market and protect the interests of investors.

Standard credit assets refer to fixed-income securities, including treasury bonds, central bank bills, local government bonds, financial bonds and corporate bonds, the People's Bank of China said in a statement on its website.

Non-standard credit assets need to meet a number of requirements to be approved as standard credit assets, such as sufficient information disclosure, a sound liquidity mechanism and registration in qualified agencies, the statement said. Enditem

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