Weekly policy snapshot of Chinese economy

0 Comment(s)Print E-mail Xinhua, January 24, 2021
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BEIJING, Jan. 24 (Xinhua) -- China's policymakers have rolled out a raft of measures over the past week to boost economic growth and enhance opening up.

The following are the latest policies taken during the period:

-- Premier Li Keqiang has signed a State Council decree unveiling a revised regulation on business name registration amid efforts to further improve the country's business environment.

The new regulation is expected to streamline the registration procedure, lower the cost of starting businesses, and better protect the legitimate rights and interests of enterprises. It will come into effect on March 1.

-- The State Council on Wednesday convened a plenary meeting to discuss a draft government work report and the draft 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

The two documents will be deliberated at the top legislature's annual session in March.

-- China's central bank has released a draft for comments of regulations aimed at strengthening anti-monopoly supervision of payment services by non-bank institutions.

If a non-bank payment institution meets certain conditions in terms of market share, the People's Bank of China can provide early warning of a range of measures, including regulatory interviews, according to the draft. It can also call for agencies to review whether the institutions have a dominant market position.

-- China will strengthen the management of overseas state-owned property rights held by centrally-administered state-owned enterprises (SOEs) and prevent the loss of overseas state-owned assets.

The country will optimize the structure of overseas state-owned property rights, said the statement issued by the State-owned Assets Supervision and Administration Commission of the State Council.

-- A State Council executive meeting has stressed resolutely stopping arbitrary charges on businesses, demanding the orderly collection of taxes and fees.

The meeting, chaired by Premier Li Keqiang on Wednesday, urged efforts to ensure that no undue burdens are placed on businesses and people.

-- The China Securities Regulatory Commission has pledged further measures to improve the quality of public companies, vowing "zero tolerance" for securities misconduct.

The commission will strive to walk a fine line between innovation and regulatory oversight, supporting high-quality growth of listed firms through streamlined administration while improving securities law enforcement to forestall systemic risks, said Yan Qingmin, vice chairman of the commission. Enditem

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