Many polices have been issued by the State Council this week to offer convenience to people’s lives and improve the economy.

Promote sharing economy and boost entrepreneurship, innovation

The State Council executive meeting on June 21, presided over by Premier Li Keqiang, decided to promote the development of the sharing economy and boost entrepreneurship and innovation. According to the meeting, efforts will be made to streamline and adjust mechanisms that cannot adapt to the new target, including administrative approval and business registration. Supporting policies regarding tax and social insurance will be improved and favorable employment and entrepreneurship policies will be implemented.

Details:>> China takes measures to boost sharing economy

Accelerate development of commercial pension insurance

The State Council executive meeting also decided to accelerate the development of commercial pension insurance and improve the social insurance system. According to the meeting, commercial insurance institutions are encouraged to provide individuals and families with personalized and differentiated pension insurance coverage while offering products and services of enterprise and occupation annuities. Efforts will be made to develop commercial pension insurance covering accidental injuries of the elderly, long-term nursing, and housing reverse mortgage, and build the elderly care system concerning long-term, recovery and hospitalization elderly care.

Details:>> Quick view: State Council executive meeting on June 21

Policy on elderly care service

The General Office of the State Council recently issued a circular regarding the stipulation and implementation of an elderly care service program. The circular introduced 20 major tasks, including the establishment of a subsidy system for impoverished and disabled elderly, development of household elderly care service, voluntary residence transfer of elderly people over 80 years old to their children’s household registration, and support for elderly entertainment and sports.

Details:>> China to further improve quality of eldercare

Streamline taxation administrative approval

The State Administration of Taxation recently issued a circular on the streamlining of taxation administrative approval, which will be implemented on July 1. To avoid application repetition, materials such as taxpayers’ licenses and official approval documents will be canceled, as that information can be obtained by sharing information among government departments.

Qualified institutions of higher education listed

The Ministry of Education recently released a list of China’s qualified institutions of higher education.

As of May 31, the number of qualified higher education institutions totaled 2,914. Among them 2,631 are colleges and universities, which include 265 independent colleges and 283 adult higher education schools.

The list of higher education institutions qualified for enrollment is available to the public on the ministry’s website.

Details:>> China lists qualified institutions of higher education

Pilot projects to reform income distribution system

The National Development and Reform Commission (NDRC) announced at a news conference that China will launch three pilot projects to implement policies increasing incomes of rural and urban residents, roll out special incentive packages and an income monitoring system, to improve the income distribution system.

According to the NDRC, the income of skilled talents, sci-tech researchers, business managers and new-type professional farmers will be raised.

School safety checks

The Ministry of Education issued an urgent circular asking for enhanced security around kindergartens, primary schools and secondary schools.

The circular requires local educational departments and schools to partner with other authorities to carry out a comprehensive check on potential safety loopholes.

The ministry also called for the timely handling of disputes related to schools and elimination of potential risks.

Overhaul of the broadband industry

The Ministry of Industry and Information Technology released a circular to carry out an overhaul of broadband connection service, which aims to solve several issues such as unregulated business advertising, insufficient user agreements and under-rated connection speed.

All related enterprises are required to strictly implement the policy as to ensure a sufficient experience for users.

Further support of countryside businesses

The Ministry of Agriculture released a circular regarding an inspection to further support people who returned to the countryside to start their own business.

According to the circular, all the related agricultural departments should attach great importance to such measures and list it as a major task of promoting mass entrepreneurship and innovation to grow the rural economy.

Expansion of favorable tax policy for small businesses

The State Taxation Administration released a circular to clarify the preferential policy on collecting income tax from micro and small enterprises.

According to the circular, from January 1, 2017, to December 31, 2019, eligible small and micro businesses with taxable income under 500,000 yuan (inclusive) can enjoy the favorable tax policy, a tax rate of 20 percent.

Eligible companies that didn’t enjoy the policy in the first quarter of the year will get a tax reduction in the following quarters.