Mea­sures will help ease firms’ fi­nanc­ing woes

Boost­ing em­ploy­ment high on State Coun­cil eco­nomic agenda

China Daily (Hong Kong) - - TOP NEWS - By HU YONGQI huy­ongqi@chi­

China will take ef­fec­tive mea­sures to ease pri­vate en­ter­prises’ dif­fi­cul­ties in get­ting fi­nanc­ing and en­sure full em­ploy­ment, among its ef­forts to en­sure sta­ble and healthy eco­nomic de­vel­op­ment, Premier Li Ke­qiang said on Thurs­day dur­ing a meet­ing of the State Coun­cil.

Greater re­duc­tion in taxes and fees will help en­ter­prises and boost in­dus­trial up­grad­ing, Li said. More job op­por­tu­ni­ties should be cul­ti­vated to boost the de­vel­op­ment of new eco­nomic driv­ers, fo­cus­ing on key groups and di­verse ways of cre­at­ing new jobs that will cre­ate more so­cial wealth, he said.

Com­pli­cated do­mes­tic and ex­ter­nal chal­lenges led to new down­ward pressure on eco­nomic growth and some dif­fi­cul­ties for the real econ­omy and en­ter­prises, Li said. He called for en­sur­ing the Chi­nese econ­omy re­mains within a rea­son­able range and re­al­iz­ing high-qual­ity de­vel­op­ment by tap­ping the great po­ten­tial of the do­mes­tic mar­ket and grow­ing new driv­ers.

Li called for car­ry­ing out con­sis­tent macroe­co­nomic poli­cies and strength­en­ing fine-tun­ing, with closer at­ten­tion to changes in do­mes­tic and in­ter­na­tional set­tings. At the same time, a sta­ble macroe­co­nomic en­vi­ron­ment should be built to pro­vide the right mar­ket ex­pec­ta­tions.

Im­prove­ment of the busi­ness en­vi­ron­ment is key to boost­ing de­vel­op­ment and build­ing bet­ter con­di­tions for en­ter­prises, fo­cus­ing on their con­cerns and think­ing from their per­spec­tives, Li said.

Ad­min­is­tra­tive re­forms should be deep­ened to re­duce the num­ber of govern­men­tal ap­provals needed, and mar­ket ac­cess should be ex­panded for pri­vate en­ter­prises, he said. The com­pa­nies should re­ceive sup­port to en­ter fields like in­fra­struc­ture and pri­mary in­dus­tries. They should also be given more sup­port in key tech­nolo­gies to strengthen com­pet­i­tive­ness, he said.

The premier called for co­or­di­nat­ing ef­forts to achieve sta­ble growth, deeper re­forms, eco­nomic re­struc­tur­ing, im­prove­ment of peo­ple’s liveli­hoods and deal­ing with risks and chal­lenges with firm con­fi­dence. Sta­te­owned, pri­vate and for­eign busi­nesses should be treated equally, with eas­ier ac­cess and bet­ter pro­tec­tion for their le­git­i­mate rights, Li said.

The meet­ing fo­cused on the cur­rent eco­nomic sit­u­a­tion, with three en­trepreneurs and three econ­o­mists in­vited to de­lib­er­ate on the de­vel­op­ment of China’s eco­nomic sit­u­a­tion, pri­vate busi­nesses, tech­no­log­i­cal in­no­va­tion and em­ploy­ment prospects.

Huang Yip­ing, deputy dean of the Na­tional School of De­vel­op­ment at Pek­ing Univer­sity, said pri­vate en­ter­prises con­trib­ute about 70 per­cent of tech­no­log­i­cal in­no­va­tions and should have a level play­ing field. He said tax re­duc­tion should be con­ducted to in­crease the vi­tal­ity of mar­ket en­ti­ties amid down­ward pressure on growth.

Guo Sheng, CEO of the re­cruit­ment ser­vice, said data col­lected by his com­pany and Ren­min Univer­sity of China showed the coun­try’s em­ploy­ment was sta­ble in the first three quar­ters, es­pe­cially in emerg­ing in­dus­tries.

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