Premier Li Keqiang presided over a State Council executive meeting on May 13 which decided to promote PPP (public-private partnership) in key sectors, provide faster broadband and encourage the securitization of credit assets.
The meeting said promoting joint use of public and private funds in fields such as transport, environmental protection, medical treatment and elderly care is an important reform measure. The mode can help to attract funds from private and state-owned enterprises through competition, expand the supply of public products and services, and provide reasonable returns.
The meeting instructed the authorities to streamline administrative approvals, ensure land is available for projects, and support local governments seeking funds from financial institutions. Efforts should be made to attract private capital in the investment and management of public products and service projects.
PPP projects are encouraged to seek finance from the capital market and establish a dynamic adjustment mechanism for prices of public services and subsidies. The capacity and efficiency of public products and services should be promoted by improving systems, regulating processes and strengthening quality supervision, the meeting said.
China will accelerate the building of a high-speed network with lower charges to improve people’s livelihood, support “Internet Plus” and foster new growth impetus, said the meeting.
“Internet Plus”, put forward by Premier Li, means the integration of the Internet and traditional industries through online platforms and IT technology.
The meeting urged telecom companies to quickly publish detailed plans for faster and cheaper broadband services and free upgrades for contracts already signed.
Optic-fiber and broadband networks will be further promoted in the countryside to provide access to broadband services for 14,000 villages by the end of this year.
China will expand bandwidth to help the country connect with the world more easily and to help attract investment, the meeting said.
Stricter monitoring of broadband services and charges will protect consumer rights; and any false advertising or fraud in network flow will be tackled, the meeting said.
To deepen financial reform and innovation, promote the construction of a multi-layer capital market, and support the development of the real economy, the meeting decided to invest 500 billion yuan in a pilot program for securitization of credit assets. Procedures will be simplified, information disclosure will be regulated and the launch of securitization products at exchanges will be supported.
As the downward pressure on the economy continues, the adjustment and control measures promoted since last year are gradually taking effect. To maintain stable economic growth and promote reform, the meeting decided to enhance supervision of ministries and local governments to better implement policies and improve efficiency.