China will launch a pilot project to publish data on government and public services, and encourage national innovation platforms to open up to enterprises, especially small-and-medium-sized ones.
An executive meeting of the State Council, presided over by Premier Li Keqiang on June 24, made the decision as part of Beijing’s renewed efforts to promote the “Internet Plus” strategy laid out by the Premier in March to promote innovation and growth.
The government holds a large amount of data on almost every aspect that affects publics life, including housing, medical care and transportation.
Once analyzed, the information may yield a better understanding of potential markets and their benefits. The country is a latecomer in opening up public data compared with countries such as Britain and Canada.
Mass entrepreneurship and innovation are regarded as key elements to boost the country’s slowing growth.
Among other developments, the meeting:
* approved a document guiding the implementation of the “Internet Plus” strategy, pledged to lower the entry threshold for related products and services, and help Internet enterprises get listed.
* decided to speed up the building of information infrastructure, the development of core chips and high-end servers, the application of cloud computing and big data, and government procurement of cloud computing services.
* decided to scrap the loan-deposit ratio for commercial banks by revising the commercial banking law to increase their capacity to lend money and bolster the slowing economy.
* announced that starting Oct 1, insurance premium for work-related injuries will be reduced from 1 percent to 0.75 percent, and the actual figure number can fluctuate according to the risks and incident rates in each industry; and premium for maternity insurance will be cut from 1 percent to 0.5 percent.
* decided that reducing the social insurance payment rate is an important measure to lighten the burden on enterprises. It is estimated that enterprises will save around 27 billion yuan annually.
* decided to set up an insurance investment fund to meet market needs, help the insurance industry innovate, and create effective social investment. The scale of the fund will be 300 billion yuan and it will be in the form of limited partnership. The capital will be raised from insurance organizations, and can be direct investment or a fund of funds (FOF). It will mainly invest in the renovation of shantytowns, infrastructure construction, important irrigation works, transport facilities, the Belt and Road Initiative and global production capacity cooperation.