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新华网 2020-06-01 10:10


IV.Energizing market entities through reform and strengthening new drivers of growth

The greater the difficulties and challenges we face, the more important it is for us to go further in reform, get rid of institutional barriers, and boost internal forces driving development.

We will press ahead with reforms to streamline administration and delegate power, improve regulation, and upgrade services.
While continuing to implement routine covid-19 control, we will adjust relevant measures and simplify procedures to boost the resumption of work, production, and business activities. We will work to see our people are able to access more government services via a single website and complete all procedures for starting a business online. Location restrictions on business registration applying to micro and small enterprises and self-employed people will be relaxed, and entrepreneurs of all types will find it easier to register and start a business and access timely policy support. We will support enterprises of all sizes in pursuing development through collaboration with each other. We will improve the social credit system. We will conduct impartial regulation to ensure fair competition, and make sustained efforts to create a market-oriented, law-based, and internationalized business environment.


We will advance reforms to promote market-based allocation of production factors.
We will encourage small and midsized banks to replenish capital and improve governance, so that they can better serve MSMEs. We will reform the ChiNext stock market and pilot a registration-based IPO system; we will develop multi-tiered capital markets. The role of insurance in protecting against risks will be strengthened. Provincial-level government will be given more power to approve land use for construction projects. We will boost the flow of human resources, foster technology and data markets, and thus unleash the potential of all types of production factors.


We will improve the performance of state capital and SOE reforms.
We will launch a three-year action plan for SOE reform. We will improve the modern corporate structure of SOEs and the system of state capital regulation, and intensify mixed ownership reform. We will basically complete the task of relieving SOEs of the obligations to operate social programs, and resolve their other longstanding problems. SOEs should focus on their main responsibilities and businesses, establish sound market-oriented operating mechanisms, and increase their core competitiveness.


We will foster an enabling environment for the development of the private sector.
We will see that private businesses have equal access to production factors and policy support. We will review relevant regulations to abolish those that unfairly differentiate enterprises according to form of ownership. Deadlines will be set for government bodies and SOEs to make overdue payments owed to private and small and medium businesses. We will foster a cordial and clean relationship between government and business and promote the healthy development of the non-public sector.


We will encourage the upgrading of manufacturing and the growth of emerging industries.
We will support high-quality development of manufacturing. We will markedly increase medium- and long-term loans to manufacturers. We will promote the industrial internet, boost smart manufacturing, and foster clusters of emerging industries. We will develop producer services such as research, development and design, modern logistics, inspection, testing and certification. New forms of business such as e-commerce, online shopping, and online services have played an important role during the covid-19 response and more policies will be introduced in support of such businesses. We will advance Internet Plus initiatives across the board and create new competitive strengths in the digital economy.


We will boost our capacity to support technological innovation.
We will provide stable support for basic research and application-oriented basic research, encourage enterprises to increase investment in R&D, and facilitate collaborative innovation by firms, universities and research institutes. We will accelerate the development of national laboratories, restructure the system of key national laboratories, and develop private R&D institutions. We will make greater efforts to achieve breakthroughs in core technologies in key areas, and promote the development of technologies that improve quality of life.
We will intensify international cooperation on science and technology. Intellectual property protection will be strengthened. We will reform the mechanisms for applying scientific and technological achievements, ensure unimpeded flows in innovation chains, and create an enabling environment that encourages innovation and tolerates failure. We will introduce an open competition mechanism to select the best candidates to lead key research projects.


We will continue to encourage business startups and innovation nationwide.
We will support the growth of venture capital and equity investment and increase guaranteed loans for startups. To further unleash the creativity of various sectors, we will launch a new round of pilot reforms for making innovations across the board, build more innovation and entrepreneurship demo centers, continue accommodative and prudential regulation, and develop the platform economy and the sharing economy.


V. Implementing the strategy of expanding domestic demand and promoting accelerated transformation of the economic growth model

The potential of China’s domestic demand is enormous. We will deepen supply-side structural reform, focus our efforts on improving the people’s wellbeing, and boost consumption and expand investment in a mutually reinforcing way.

We will promote the recovery of consumption.
We will stabilize employment, promote income growth and ensure people’s basic needs are met to encourage and enable consumer spending. We will support the recovery and development of food and beverage, brick and mortar shopping, culture, tourism, domestic services, and other consumer services, and promote the integration of online and offline consumption. We will encourage automobile consumption and take strong measures to address the shortage of parking spaces. Elderly and child care services and comprehensive health care services will be developed. Pedestrian streets will be upgraded. We will support the rollout of e-commerce and express delivery services in rural areas to expand rural consumption. We will apply a combination of measures to boost consumption and meet diverse demand among consumers.


We will expand effective investment.
This year, 3.75 trillion yuan of special local government bonds will be issued, a 1.6 trillion yuan increase over last year. The proportion of special bonds that can be used as project capital will be raised, and 600 billion yuan will be earmarked for investment in the central government budget.
Priority will be given to new infrastructure and new urbanization initiatives and major projects, which not only boost consumption and benefit the people, but also facilitate structural adjustments and enhance the sustainability of growth. Specifically, efforts will be made mainly in the following three areas:
First, we will step up the construction of new types of infrastructure. We will develop next-generation information networks, expand 5G applications, and develop data centers. We will build more battery charging and swapping facilities and promote wider use of new-energy automobiles. We will stimulate new consumer demand and promote industrial upgrading.
Second, we will strengthen the development of a new type of urbanization. We will do more to improve public facilities and services in county seats, so as to meet the growing demand to work and settle in them among rural residents. We will begin the renovation of 39,000 old urban residential communities and support the upgrading of plumbing and wiring and the installation of elevators in old residential buildings; we will encourage the development of community services such as elderly home care, the provision of meals, and cleaning services.
Third, we will redouble efforts to develop major transportation and water conservancy projects, and increase national railway development capital by 100 billion yuan.
We will improve market-based investment and financing mechanisms to support private enterprises in participating in projects on an equal footing. We will ensure that projects are up to standard, so they do not create any undesired consequences and the investments made deliver long-term returns.


We will steadily advance new urbanization.
We will leverage the role of leading cities and city clusters in driving the overall development of their surrounding areas, in an effort to foster new industries and increase employment. Acting on the principle that houses are for living in, not for speculation, we will implement city-specific policies to promote steady and healthy development of the real estate market. We will improve urban amenities and accessible facilities, and make our cities places that people enjoy living and working in.


We will step up implementation of China’s regional development strategies.
We will continue to promote large-scale development in the western region, the full revitalization of the northeast, the rise of the central region, and the trailblazing development of the eastern region.
We will move forward with the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the integrated development of the Yangtze River Delta.
We will advance well-coordinated environmental conservation in the Yangtze Economic Belt. An overall plan will be formulated for ecological protection and high-quality development in the Yellow River basin. Development of the Chengdu-Chongqing economic circle will be promoted.
We will encourage accelerated development in old revolutionary base areas, ethnic minority areas, border areas, and poor areas. We will develop the maritime economy.


We will implement a package of policies to support Hubei’s development, helping it ensure employment, public wellbeing, and normal operations, and spurring the full recovery of economic and social activity there.


We will ensure more effective protection of ecosystems and the environment.
Priority will be placed on curbing pollution in a law-based, scientific, and targeted way. We will intensify efforts to control air pollution in key areas. We will step up the construction of sewage and garbage treatment facilities and move ahead with the sorting of household waste. The relocation and transformation of producers of hazardous chemical products in densely populated areas will be accelerated. We will boost the development of energy-saving and environmental protection industries. Illegal hunting, trading, and consumption of wild animals will be severely punished. We will carry out major projects for protecting and restoring key ecosystems to promote ecological conservation.


We will safeguard energy security.
We will promote cleaner and more efficient use of coal, develop renewable energy, improve systems for the production, supply, and sale of oil, natural gas, and electricity, and bolster our energy reserve capacity.

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