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2020 Government Work Report tasks to fall into place

Updated: Jun 11,2020 09:26 PM

The State Council recently issued a circular aimed at navigating departments concerned with fulfilling tasks set by the Government Work Report released during the two sessions in 2020.

According to the circular, stable employment will sit on top of the government's agenda, in an effort to secure people's livelihoods. Work on poverty alleviation will be successful, paving the way for ushering in a moderately prosperous society in all respects.

Financial deficits will see a year-on-year increase worth 1 trillion yuan ($141.4 billion), with a special government bond valued at 1 trillion yuan issued. The 2-trillion yuan funding will be directly transferred to governments at city and county levels with a special transfer mechanism, which will be used in safeguarding stable employment, people's basic livelihoods, and market entities.

Multiple measures, including cutting interest rates, and reserve requirement ratios and re-lending, will be taken in an integrated manner, to accelerate the growth of a broad money supply and social financing scale.

Precaution and prevention against major risks in fields like finance will be further strengthened, with systematic risks nipped in the bud.

Annual tax and fee burdens will be alleviated on enterprises to the tune of 2.5 trillion yuan, especially for micro, small, and medium ones, and the self-employed will be helped through difficulties.

Deferred payment of principal and interest on loans for micro, small, and medium enterprises will see a further postponement to March 2021.

Major industries and communities, including veterans and migrant workers, will see more support. And higher-level vocational colleges will see an enrollment expansion of 2 million students.

Against the backdrop of regular COVID-19 prevention and control, the nation will see simplified procedures for all-around resumption of production and business.

Small and micro-sized businesses and the self-employed will see softened restrictions for registration of operation venues.

A three-year State-owned enterprises’ reform campaign will be implemented, and the market-oriented operation mechanism will see improvements to promote core competitiveness.

The business environment for privately-owned enterprises will see further optimization. And manufacturing upgrading and newly-emerged industries will see new political drivers.

While stabilizing employment to raise people's incomes, more work will be done to recover consumption and support resumption of life and service industries, including catering, shopping malls, tourism, and household services.

This year, 3.75 trillion yuan in special local bonds will be allocated for new infrastructure construction, new types of urbanization, and major transportation and water conservancy projects.

In terms of regional development, the nation will continue to push forward western development and revitalization of the northeastern region with further progress in the Beijing-Tianjin-Hebei region, Guangdong-Hong Kong-Macao Greater Bay Area, and Yangtze River Delta integration.

According to the circular, the government will press ahead with the uphill battle against air pollution in key areas, and impose strict penalties on killing, trading and eating wild animals.

In addition, the government will continue its resolute step towards overall poverty alleviation, raise the incomes of rural residents, and ensure a good harvest.

Facing the changing external environment, China will continue to expand opening-up to ensure the supply chain throughout industries, provide support to keep foreign trade stable, and substantially cut the negative list for foreign investment.

At the same time, the nation firmly backs the multilateral trade system, actively participates in the reform of the World Trade Organization, and promotes the final conclusion of the Regional Comprehensive Economic Partnership.

Epidemic prevention will be enhanced this year, with a better report and warning system, and the government also will put more effort into basic medical care, fair education, and social assistance.