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Premier Li stresses implementation of policies in boosting economy

Updated: Nov 12,2020 07:00 AM    Xinhua

BEIJING — Premier Li Keqiang stressed the implementation of policies to ensure the important role of policies in promoting economic stability and recovery.

Premier Li made the remarks on Nov 11 while presiding over an executive meeting of the State Council.

The State Council has sent inspection teams to 14 provincial-level regions and the Xinjiang Production and Construction Corps, in a bid to supervise implementation of policies, sum up local experiences, collect grassroots suggestions and facilitate solutions to existing problems, according to the meeting.

The inspection shows that, since the beginning of the year, local governments have conscientiously implemented the decisions and arrangements of the Communist Party of China Central Committee and the State Council, channeling 2 trillion yuan ($302.57 billion) of new fiscal funds to the primary level in cities and counties to help businesses and individuals directly, according to the meeting.

In particular, the 2.5 trillion yuan in tax and fee cuts, together with other policies, have been effective in supporting market entities and boosting market confidence, while playing a key role in stabilizing economic fundamentals, according to the meeting.

Noting that previous policy measures aimed at relieving difficulties and improving the business environment for market entities have helped recover economic growth so far this year, the meeting made two decisions to further energize market entities and unleash the potential of domestic demand.

According to the meeting, China will deepen reform at the Shanghai Pilot Free Trade Zone and pilot an administrative reform on market entry in the municipality's Pudong New Area.

The number of licenses needed to establish a business in the area will be reduced to one for 31 sectors that involve many micro and small firms, including convenience stores, gyms and catering companies, said the meeting.

Another decision was to reduce the number of qualification categories and grades for construction-related companies from 593 to 245, while the number of surveying and mapping qualification categories and levels will be reduced from 138 to 20.

The meeting called for strengthened oversight during construction projects and after their closures to ensure their quality.

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