China to advance restructuring of central SOEs

China will reinforce its efforts on the restructuring of central State-owned enterprises (SOEs), according to a statement issued after the State Council executive meeting chaired by Premier Li Keqiang on Sept 27.

According to the statement, China will steadily push for the restructuring of central SOEs in equipment manufacturing, coal, electricity, communications and chemical industries, with an aim to further improve the efficiency of resource reallocation and enhance their competitiveness.

Enterprises of all sizes are urged to strengthen coordination in promoting innovative development through the application of Internet Plus and building mass entrepreneurship and innovation platforms.

Excessive capacity should be strictly reduced through streamlining corporate management structure and reducing the number of subsidiary legal entities, in an effort to enhance the core competitiveness of these enterprises.

Details:>> China to advance restructuring of central SOEs

China steps up financial support for small and micro businesses

China will create a more favorable business environment for small and micro enterprises through enhanced policy and financial support, in an effort to inject growth momentum and strengthen the resilience of economy, according to the State Council executive meeting on Sept 27.

At the meeting, it was decided that the credit ceiling of VAT exemptions for interest derived from bank loans to small and micro businesses, farmers and the self-employed will be expanded from 100,000 yuan to 1 million yuan between Dec 1, 2017, and Dec 31, 2019.

The stamp tax exemption for loan contracts of small and micro businesses and the VAT exemption for those with monthly sales of less than 30,000 yuan will be extended to 2020.

Details: >> China steps up financial support for small and micro businesses

China to further promote reform on business registration system

China will promote Shanghai’s reform of separating business licenses and administrative approvals in 10 pilot free trade zones (FTZs), according to a circular released by the State Council on Sept 28.

The trial in the 10 zones, including Tianjin, Liaoning, Zhejiang, Fujian, Henan, Hubei, Guangdong, Chongqing, Sichuan and Shaanxi, will last until Dec 21, 2018.

Details: >> China to expand pilot reform of separating business licenses and administrative approvals

China to further simplify administration approval procedures

The State Council has decided to eliminate 52 more administrative approval items to further simplify administration, according to a circular issued on Sept 29.

The canceled items include 40 items that require approvals from State Council departments, and 12 items that the central authority had designated to local governments.

After the cancellation, the State Council urged all regions and departments to regulate industry standards and strengthen oversight over the whole process of business operations to bring about the positive effects of certification management.

Details:>> State Council cuts another 52 administrative approvals

China to build a national technology transfer system by 2020

The State Council has released a plan to build a national technology transfer system.

It sets a target of building a basic national technology transfer system and a market of technologies by 2020. By 2050, a mature national system for technology transfer will be built, and the technology market will be fully developed, with various innovation entities coordinating with each other in an efficient way.

The plan puts forward three key tasks: building a more unified and open technology market and exchange network on the national level; expanding channels for technology transfers to increase the influence of the transfer system; and providing a better policy environment and stronger logistical support to ensure efficient operation.

Details:>> Govt plans to build national technology transfer system

China to tighten supervision over online food delivery

The Food Safety Commission under the State Council and another 14 government agencies have issued guiding opinions on improving the quality and safety of catering industry.

The opinions explicitly require that online catering service providers must have brick-and-mortar restaurants and obtain operation permits.

Strengthened supervision will be carried out to crack down on illegal activities, such as unlicensed catering operations and outdoor dining stalls.

China to increase unemployment insurance compensation

The Ministry of Human Resources and Social Security and the Ministry of Finance jointly released a guideline on adjusting the standard of unemployment insurance compensation.

According to the guideline, in accordance with the provisions of the regulations on unemployment insurance and with the steady social and economic development, the standard of unemployment insurance compensation will be gradually raised to 90 percent of the minimum wage.

China cuts more intermediary services for administrative approval

Several State Council departments, including the Ministry of Land and Resources, the Ministry of Housing and Urban-Rural Development and the Ministry of Transport, jointly released a circular on further streamlining the administrative approval process and intermediate services.

According to the circular, 27 intermediate services for administrative approvals designated by the central authority to local governments, including statements of loss and annulment, will be officially canceled.

China to strengthen vocational training for college graduates

The Ministry of Human Resources and Social Security has released a notice on providing vocational training for unemployed college graduates, in an effort to enhance their competitiveness in the employment market and help them start their own businesses.

According to the notice, vocational colleges, public training bases and various vocational training institutions across the nation will be organized to provide unemployed college graduates with training programs on job-seeking, entrepreneurship, innovation and poverty relief.

These training programs are aimed at increasing the rates of employment and starting businesses to 90 percent and above.

China to promote development of foreign trade service enterprises

Five departments led by the Ministry of Commerce jointly released a notice on promoting the healthy development of foreign trade service enterprises.

The move is aimed at solving issues that are most frequently raised by such enterprises, such as their identification and unclear responsibilities.

Several measures, such as promoting information sharing and joint supervision, improving administration on the tax rebate and exemption for these enterprises, and strengthening credit management, will be introduced.