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‘Re-double’ efforts to stabilise economy: China premier

CHINA DAILY – China will speed up the implementation of a package of policy measures to maintain stable economic performance and ensure that market entities and the people are well-informed of these policy steps and benefit to the fullest extent, according to a decision made at the state council’s executive meeting chaired by Premier Li Keqiang on Wednesday.

“Since the announcement of the policy package, government departments have all taken proactive steps,” Li said.

“We must re-double 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 ensure that all who are eligible are fully informed and fully benefit.

The newly added amount of CNY140 billion (USD20.99 billion) in value-added tax credit refunds should be basically delivered by July. Policy banks will increase the credit line by another CNY800 billion to provide financial support for infrastructure construction, and a mechanism will be set up to meet the needs of key projects.

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

With regard to the deferral of principal and interest repayments on the CNY90 billion in commercial truck loans extended by centrally managed auto companies, the enterprises concerned will be encouraged to inform borrowers of the deferral procedures through online announcements, text messages and other means.

“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,” Li said.

The meeting also 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.

A worker at a factory of Harbin Boiler Co Ltd. PHOTO: XINHUA
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