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Govt policy moves from past week

Mo Jingxi
Updated: Jun 23,2022 08:58    China Daily

Ministry, agencies push growth of light industry

China has released a guideline focused on advancing the development of light industry, vowing to significantly improve its competence and stabilize the sector's share in economic growth by 2025.

Light industry consists of companies that produce smaller consumer goods like plastics, textiles and home appliances.

The guideline, jointly issued by the Ministry of Industry and Information Technology and four other departments, said that the sector has played an important role in consumption, stabilizing exports and expanding employment.

However, it still faces challenges, including an inadequate supply of medium- and high-end products, a lack of internationally-renowned brands and a low level of modernization in terms of industrial chains.

The guideline stressed efforts to significantly increase research and spending on development for major companies in key areas. It also called for forming competitive industrial chains and demonstration factories for intelligent manufacturing.

Data from the China National Light Industry Council showed that investment in the major sectors of light industry logged double-digit growth in the first four months of the year, with growth in six sectors-including the processing of agricultural and sideline products, and food and leather manufacturing-rising more than 20 percent.

Regulation aims to boost trade of ethnic goods

Regulations have been drawn up to provide business loans with discounted interest rates to facilitate the trade and production of ethnic goods, and promote economic development in regions inhabited by ethnic groups nationwide.

The regulation, jointly issued by the Ministry of Finance, the National Ethnic Affairs Commission and the People's Bank of China, was published on June 17.

Ethnic trade generally refers to business activities in areas inhabited by ethnic groups.

According to the regulation, interest subsidies will be provided to companies engaged in the trade or production of ethnic goods that apply for liquidity loans.

While the Ministry of Finance is mainly responsible for the plans regarding the allocation of capital in support of the regulation, the National Ethnic Affairs Commission will be responsible for identifying companies qualified to apply for interest subsidies.

The regulation will remain in force until 2025. At that point, authorities will evaluate its effectiveness and decide whether it will continue in accordance with related regulations and circumstances.

Measures seek to help struggling job seekers

The central government has adopted a series of measures to boost employment options for those currently having trouble finding work, an official with the Ministry of Human Resources and Social Security said on June 17.

Human Resources Vice-Minister Li Zhong told a news conference in Beijing that authorities have worked hard to ensure that people facing difficulties finding employment are provided with assistance in a timely fashion by ensuring that both online and offline unemployment registration channels are easier to use.

Authorities will prioritize efforts to find jobs or internships for college graduates from low income households or in which no family member has a job, as well as for graduates with disabilities who have been unemployed for long periods, Li said.

According to Li, 1.96 million unemployed people reentered the workforce in the first five months of the year thanks to help from human resources and social security departments, and another 680,000 struggling job seekers also found work.

By the end of May, about 31.33 million people who have emerged from poverty have joined the national labor force, he added.

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