Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, August 9, 2020
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BEIJING, Aug. 9 (Xinhua) -- China's policymakers have rolled out a raft of measures over the past week to shore up the economy and mitigate the impacts of the COVID-19 epidemic.

The following are the latest policies taken during the period:

-- The People's Bank of China, the central bank, said that it will resolutely push forward the opening-up of the country's financial industry in a sound and orderly manner.

Measures announced to open up China's financial sector will continue to be implemented, the PBOC said in a videoconference on its work during the second half of 2020.

It will promote a full implementation of the foreign investment administration model of pre-establishment national treatment plus negative list, advance the internationalization of RMB and capital account convertibility in a proactive and sound manner, and unify the foreign exchange management policies applied in the opening-up of China's bond market.

-- China will strengthen the construction of projects that facilitate wind and photovoltaic power to connect to the grid with price parity, China's National Energy Administration (NEA) said.

The country will implement subsidy-free projects for wind and photovoltaic power to further increase installed capacity and power output by renewables to boost energy transformation, said a circular jointly released by the NEA and the National Development and Reform Commission.

-- China's top insurance regulator unveiled a three-year action plan to promote the high-quality development of the property-insurance industry.

By 2022, China aims to forge a complete market system for the property-insurance sector, with the further enhancement of its service capabilities and financial strength, according to the document issued by the China Banking and Insurance Regulatory Commission.

-- China will promote the construction of new infrastructure projects in the transport industry, aiming to advance the sector's transformation toward digitalization and intelligence, according to a guideline issued by the Ministry of Transport.

By 2035, China aims to achieve remarkable results in the field, with advanced information technology playing a key role in empowering transport infrastructure, the document said.

-- China is taking multi-pronged measures to enable its vast number of migrant workers to find jobs as the country coordinates regular COVID-19 prevention and control with efforts related to economic and social development.

According to a recent guideline jointly issued by 15 government departments, including the Ministry of Human Resources and Social Security and the National Development and Reform Commission, efforts will be made to broaden the channels through which migrant workers can seek employment, a move that relates to China's aim of "winning the battle against poverty." Enditem

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