China takes measures to boost sharing economy

A guideline to further boost the blossoming sharing economy was approved at a State Council executive meeting chaired by Premier Li Keqiang on June 21.

According to the guideline, the sector will enjoy easier access, greater policy transparency, and better protection of legitimate rights for platform companies, resource providers and consumers. The guideline is aimed at creating an enabling environment for sustained innovation.

Details:>>China takes measures to boost sharing economy

Premier Li to ensure reliability of nursing care insurance

Premier Li Keqiang said that private pension care insurance, similar to social security fund, comes from people’s pockets, and all insurance organs must ensure its security, during the State Council executive meeting on June 21.

The meeting decided to speed up measures in the development of private pension care insurance to improve the social insurance system and provide basic healthcare for the elderly.

According to the Premier, government organs should implement financial and taxation policies to support the insurance and elderly care service industry, accelerate commercial pension insurance trials, encourage commercial pension insurance institutions in basic pension insurance fund and investment management, and offer quick and convenient service for commercial pension insurance capital.

Details:>>Premier Li to ensure reliability of nursing care insurance

State Council to set up more innovation hubs

The State Council decided to set up a second group of demonstration zones for innovation and entrepreneurship, according to a circular released on June 21.

While breaking policy barriers, the move will further promote innovation, and build a new engine for economic growth.

According to the circular, the second group includes a total of 92 demonstration zones. Among them, 45 are regional zones, like Beijing’s Shunyi district and Shanghai’s Xuhui district, 26 are universities and sci-tech institutions, including Peking University and Fudan University, and 21 are enterprises.

Details:>>State Council to set up more innovation hubs

China passes regulation on implementing national statistics law

The State Council published the regulation on implementing the Statistics Law of China, after it was passed at the State Council executive meeting on April 12.

The regulation was formulated based on the Statistics Law.

It describes the conditions for conducting various statistics investigations, and urges research on statistical rules, perfection of statistics in emerging industries, and application of new information technology.

In addition, local governments should not violate statistical entities’ rights. Falsification and tampering with statistical data are prohibited.

Details:>>China passes regulation on implementing national statistics law

China to promote security of PPP projects

The Ministry of Finance, People’s Bank of China and China Securities Regulatory Commission jointly released a notice to promote security in cooperation projects with both government and social assets.

According to the notice, government will encourage financing arrangement through securitization for companies involved in development projects.

During the operation phase, the companies can issue securitized products to raise funds.

Streamline charge for national industrial associations and commerce chambers

The Ministry of Civil Affairs issued a circular to streamline charges for national industrial associations and commerce chambers that have been disconnected from administrative departments.

According to the circular, charges on companies, such as membership fees, operational service fees, and administrative fees, will be streamlined.

Measures on broadband price fraud

The Ministry of Industry and Information Technology issued a circular to take measures on problems concerning broadband services, such as improper advertisement, incomplete service agreement, and sub-standard broadband speed.

Service and price information of telecommunication services should be true and clear, according to the Ministry of Industry and Information Technology.

Cancel industrial enterprise special fund for structure adjustment

The Ministry of Finance issued a circular to cancel industrial enterprise special fund for structure adjustment.

The plan, which will be implemented on July 1, stipulates that special fund settlement should be finished before Sept 30, and any income of the special fund should be turned over to the national treasury.

After canceling the special fund, bonus and subsidy will be given to steel and coal industries for worker resettlement amid overcapacity reduction.

Expand coverage of favorable tax policy for micro and 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 Jan 1, 2017 to Dec 31, 2019, eligible small and micro-businesses with taxable income no more than 500,000 yuan can enjoy the favorable tax policy, in which they pay taxes at the rate of 20 percent.

Eligible companies that were left out of the policy in the first quarter this year can take the tax reduction in subsequent quarters.