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Weekly policy snapshot of Chinese economy

Updated: Jan 17,2021 07:01 PM    Xinhua

BEIJING — China's policymakers have rolled out a raft of measures over the past week to boost economic growth and enhance opening-up.

The following are the latest policies taken during the period:

— China has issued a guideline to implement a "forest chief" scheme nationwide amid the country's continuous efforts to protect forests and grasslands. Issued by the general offices of the Communist Party of China Central Committee and the State Council, it urged that the "forest chief" scheme will be rolled out nationwide by June 2022.

"General forest chiefs" should be appointed in all provincial-level regions, said the guideline. It clarified all levels of forest chiefs' responsibilities in protecting forest and grassland resources.

— China's Ministry of Transport has called on local authorities to strengthen control over passenger traffic plying in and out of areas designated medium- and high-risk for COVID-19 to curb the latest resurgence in cases.

In principle, inter-provincial and inter-city road passenger transportation, as well as inter-city public transportation in and out of such areas should be suspended.

Passenger transport lines passing through the administrative area of the counties where the medium- and high-risk areas are located shall not pick up or drop off passengers in these areas.

— China will grade insurance assets management companies (AMCs) and supervise them accordingly, said the China Banking and Insurance Regulatory Commission.

The insurance AMCs are divided into four categories based on the regulatory rating results, which mainly focus on corporate governance and internal control, asset management capability, comprehensive risk management, transaction and operation guarantee and information disclosure, said the commission.

For the companies with strong capabilities, the regulator will give priority to off-site oversight, while for companies with weak capabilities, the regulator will take prudent oversight with measures such as suspending business qualifications when necessary.

— China will step up inspections of imported frozen products to prevent the spread of COVID-19 via cold chains, an official with the General Administration of Customs (GAC) said on Jan 14. 

Overseas food exporters should strictly follow the regulatory guidelines issued by the Food and Agriculture Organization of the United Nations and the World Health Organization to ensure their exports to China are not contaminated by the coronavirus during production, processing, storage or transportation, GAC spokesperson Li Kuiwen told a press conference.

— China will prioritize stability in its monetary policy and avoid making sudden shifts in 2021, said Chen Yulu, vice-governor of the People's Bank of China, the country's central bank, on Jan 15. 

The country's prudent monetary policy will be more flexible, precise, reasonable and moderate in 2021, Chen told a press conference. 

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