China to speed up policy package delivery to stabilise economy

The policy package, introduced in line with the overall thinking and policy orientation decided at the Central Economic Work Conference and outlined in the Government Work Report, is mainly aimed at increasing the speed and effectiveness of policy implementation, the meeting noted.

These are crucial and timely measures for overall economic stability with a properly-heightened intensity, as well as fine-tuned execution of macro policies targeting the needs of market entities, in an effort to raise efficiency without compromising long-term interests, an official news agency reported.

"Since the announcement of the policy package, government departments have all taken proactive steps," Premier Li said. "We must redouble our efforts, in particular to accelerate policy implementation."

The meeting stressed the need to fully examine the policy package and further flesh out each and every measure to make sure all those eligible should be fully informed and benefit to the fullest extent.

The newly-added amount of 140-billion-yuan value-added tax credit refunds should be delivered by July. Policy banks will increase the credit line by another 800 billion yuan to provide financial support for infrastructure building, and a mechanism will be set up to meet the needs of key projects.

All eligible migrant workers who have lost their jobs, whether covered by the unemployment insurance scheme or not, will receive provisional living allowances or other forms of relief. Primary responsibility for paying such allowances should be made clear.

Other policies also need to be fleshed out to see that they are operable and can be delivered on the ground. Policy implementation will be closely tracked, and improvements made whenever needed.

"Supporting measures and detailed guidelines for the policies are of critical importance. Detailed implementation plans should be swiftly introduced and easy to act on, and all those eligible should be fully informed of the policies and benefit from them, so that market entities and the people can enjoy the policy dividends in a timely way," Premier Li said.

The meeting called for deepening reform of government functions. Vigorous steps will be made to see that no deliberate application is required for those eligible to benefit from the policies and that more services will be accessible online.

To smooth logistics in both trunk and branch routes and facilitate early resumption of full-capacity production, the bottlenecks must be pinpointed, relevant measures should be improved, and targeted assistance to key enterprises will be intensified.

Free and smooth passage of summer harvest agricultural machinery should be ensured. Measures will be implemented to support the listing of platform companies on domestic and overseas markets in accordance with laws and regulations, and ease the restrictions on car purchases.

The meeting urged tighter supervision on policy implementation. The task forces dispatched to 12 provinces by the State Council are required to formulate reports based on on-site inspection as soon as possible, and prominent problems found in the policy implementation will be made public.

ALCHEMPro News Desk (DS)