Free Trade Zones

China will remove bottlenecks in policy implementation to achieve greater effects in maintaining stable economic activity

Premier Li Keqiang urged greater efforts to remove obstacles, improve support measures and better highlight the effects of policies at the executive meeting of the State Council on Wednesday.

Li made the remarks after hearing a report on special inspections aimed at ensuring the stability of economic growth, the operation of market entities and employment.

The meeting also decided on policy measures to ensure stable performance of foreign trade and investment and advance opening up to a higher level.

The meeting took note of the recent special inspections carried out by the task forces that the State Council sent to 12 provinces regarding the work to maintain stable growth, support market entities and ensure the stability of employment.

As inspections show, local governments have accelerated the implementation of the policies set out at the Central Economic Labor Conference and in the government work report, as well as the set of measures aimed at stabilizing the activity economic. Many localities have deployed their support measures to strengthen the factors for maintaining a good dynamic of economic activity and restore confidence in the markets.

Meanwhile, inspections have also spotted some problems in some localities, such as insufficient and unclear implementation of policies, a “one size fits all” approach to work, and the imposition of arbitrary charges and fines.

“Issues identified during inspections should be resolved quickly, with experience gained in the process to prevent similar occurrences. All localities should effectively coordinate the COVID-19 response with economic and social development, and bring activity back economy back to normal as quickly as possible,” Li said.

The meeting noted the still acute downward pressure facing the economy and the need to effectively coordinate the COVID-19 response with economic and social development.

Localities should take responsibility for securing people’s livelihoods and have a stronger sense of urgency to flesh out and implement the stable growth policy measures, with the aim of further unleashing the effects of these policies, to achieve reasonable growth in the second quarter and maintain stable overall economic performance.

Localities are urged to quickly resolve issues identified during inspections. The General Office of the State Council will provide information to localities and departments on the problems found during inspections, and the most important ones will be disseminated for reference. All parties must fully examine the existing problems, learn from them and resolve them as soon as possible.

The General Office will exercise appropriate oversight on rectification and launch the Internet Plus inspection model to track policy implementation and promote solutions to emerging issues.

The State Council will carry out inspections in the provincial regions which were not covered by this cycle of special inspections during its annual inspections to report on their work to ensure the stability of economic growth, the functioning of market entities and employment.

Localities must ensure the implementation of policies according to conditions on the ground. Political support will be intensified with particular emphasis on maintaining the stability of the functioning of market entities and the wage bill and maintaining steady job creation.

All summer grain should be harvested in a granary, summer plowing should proceed smoothly, and coal-fired power supply should be kept stable, to support price stability. Efforts will be made to further streamline transportation and logistics, and to address issues such as partial-capacity production during resumption and unharmonized production of enterprises on industrial chains.

Unnecessary policies and administrative measures to build market confidence will be abolished. Concrete efforts will be made to flesh out each policy measure. Localities that have not yet adopted support measures for policy measures to maintain stable economic activity and departments that have not yet issued detailed implementation guidelines should accelerate their efforts in this direction. . The competent services must carefully study the opinions and suggestions made by the parties concerned during the inspections. Policies need to be improved where needed.

“To keep major economic indicators within an appropriate range this year, we need to stabilize grain production and farmers’ incomes to ensure price stability. We need to maintain stable operation of market entities to ensure market stability. All of this requires concerted efforts from all sides,” Li said.

The meeting noted that opening up is China‘s basic national policy. The stability of foreign trade and investment is essential to overall economic performance and employment. Efforts should be made to open up more widely and more support should be provided while policies to stabilize foreign trade and investment are rolled out.

Working mechanisms to stabilize foreign trade and investment and ensure smooth logistics at all levels should be fully utilized, so as to provide timely and coordinated solutions to the difficulties faced by foreign trade and foreign-funded enterprises for recovery. full-capacity production and project construction. Guidance will be provided to localities in introducing innovative measures to stabilize foreign trade and investment.

Steady growth and better quality of foreign trade will be encouraged. The policy to process export tax rebates for bona fide businesses within three business days will be implemented on a time-limited basis. More quality products will be imported.

The efficiency of port loading, unloading, transshipment and customs clearance will be improved, and international industrial and supply chains will remain stable. A temporary reduction or exemption from port dues will be explored.

Free trade agreements such as the regional comprehensive economic partnership and pilot free trade zones will be better exploited. Overseas warehouse providers will be supported in building smart logistics platforms. Proactive efforts will be made to attract more foreign investment. Efforts will be made to foster a world-class, market-driven business environment governed by a strong legal framework to anchor business expectations.

Stronger policies will be deployed to support inter-regional relocation and transfer of processing trade. The catalog of manufacturing industries encouraged for foreign investment in the central and western regions will be expanded.

The role of working groups serving foreign-invested enterprises will be put to good use, and the mechanism for regular exchanges with foreign-invested enterprises will be improved, to find out their difficulties in a timely manner and meet their reasonable needs.

“Openness is China’s fundamental national policy. Stable foreign trade and investment are essential to overall economic performance and employment. China’s economy is now deeply integrated into the world. All measures aimed at to ensure the stability of foreign trade and investment should be implemented immediately.” without delay,” Li said.