Support for enterprises to help protect jobs

China will step up efforts to support enterprises and protect jobs by unveiling new policies and improving existing ones, according to an executive meeting of the State Council on Wednesday.

The meeting, presided over by Premier Li Keqiang, heard reports on the implementation of policies and measures to support the resumption of work and production and bail out enterprises.

Thanks to the positive effect of 90 new policies, work and production were returning to normal, some difficulties faced by companies had been addressed, and the economy and society were getting back to normal, the meeting said.

To maintain solid economic fundamentals, it emphasized the importance of focusing on “six priorities”: safeguarding employment, people’s livelihoods, the development of market entities, food and energy security, the stable operation of industrial and supply chains, and the smooth functioning of society.

Policies that have been introduced to support businesses, especially micro-sized, small and sole-proprietor ones, should be fully implemented to benefit them better, secure job positions and minimize the impact of the novel coronavirus pneumonia pandemic on the employment and income of migrant workers and others, the meeting said.

The meeting also called for domestic demand to be boosted as a matter of strategy and for multiple steps to be taken to drive consumption.

To reinforce weak links exposed by the response to the pandemic and vulnerable areas of socioeconomic development, the meeting decided that efforts should be made to accelerate the construction of major projects set out in national plans, effectively utilizing investment allocated from the central government budget and local government special bonds.

It also urged continued efforts to improve the business environment, including updating the negative list on market access and removing hurdles to market access faced by private firms, especially micro-sized, small and medium-sized enterprises, to boost effective investment from the private sector.