The People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and other government bodies released their major tasks related to economic development for 2022 mapped out by the Central Economic Work Conference. Let's take a look.
The People's Bank of China
Maintain a flexible and moderate prudent monetary policy, and reasonable and ample liquidity.
Support the development of fintech in accordance with the law and in a standardized manner, and strengthen efforts on anti-monopoly and antitrust.
Steadily and orderly advance the research and development of e-CNY.
China Banking and Insurance Regulatory Commission
Cooperate with local governments to mitigate risks from hidden debt.
Prudently handle the debt risks of large entity enterprises.
Standardize and supervise financial services on internet platforms in accordance with the law.
China Securities Regulatory Commission
Give top priority to ensuring stability, make progress while maintaining stability, and work hard to maintain steady and sound development of the capital market.
Implement registration-based IPO system across China's A-share market.
Strengthen the role of the capital market and promote high-quality development of the real economy.
National Development and Reform Commission
Improve the quality and expand consumer-oriented service industries such as medical and healthcare, elderly care and nursing, culture, tourism and sports.
Promote the construction of 102 key projects mapped out in the 14th Five-Year Plan (2021-25).
Encourage and guide private capital to participate in projects in transportation, logistics, ecological environment, and social programs.
Ministry of Finance
Roll out new tax cuts and fee reductions.
Further deepen the trial reform of real estate tax.
Ministry of Commerce
Expand comprehensive pilot zones for a new batch of cross-border e-commerce.
Starting in 2022, the Regional Comprehensive Economic Partnership (RCEP) agreement will come into force.
Formally apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) in 2022.
State Administration of Foreign Exchange
Improve the management of foreign exchange reserves.
Optimize foreign exchange services, focusing on small and medium-sized import and export enterprises, and guide them to better manage exchange rate risks.
Open up capital accounts in a prudent and orderly manner.
Ministry of Industry and Information Technology
Ensure the launch of major projects planned for the 14th Five-Year Plan (2021-25).
Improve the core competitiveness of the manufacturing sector, and coordinate key tasks such as strengthening and reinforcing industrial supply chains, tackling key technological challenges, green and low-carbon transformation, digitalization transformation, and enhancing the supply capacity of information and communications services.
State-owned Assets Supervision and Administration Commission
Make sure to complete the major tasks in three years of SOE reform before the Party's 20th National Congress.
Actively make clean and efficient use of coal and ensure energy supply with all out efforts.
State Taxation Administration
Continue to do a good job to take solid steps to stabilize employment, finance, foreign trade, foreign investment, domestic investment and market expectations, and fully safeguard residential employment, people's livelihood, market entities, food and energy security, stability of industrial and supply chains and operations at grassroots levels.
Continue to do a good job in extending tax payment deadline for micro, small and medium-sized manufacturing enterprises, and providing services for the Beijing Winter Olympics and Paralympics.
General Administration of Customs
Vigorously standardize and reduce enterprise-related charges for imports and exports.
Expand imports of primary products and key core components in a prudent and orderly manner.
