China to unveil policies to support firms, secure jobs

CHINA will unveil and further improve policies and step up efforts to support enterprises and secure job positions, according to a State Council executive meeting yesterday.

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

A total of 90 policies and measures covering eight areas were rolled out in a timely manner, with positive effects emerging, the resumption of work and production recovering to the normal level, enterprises’ difficulties mitigated and the operation of the economy and society gradually going back to normal, according to a statement released after the meeting.

The loss carryforward period was extended from five years to eight years for companies in hard-hit sectors including transportation, catering and tourism.

More than 84 million employees benefited from the policy of refunding the unemployment insurance premiums for securing job positions.

A total of 2.85 trillion yuan (US$403 billion) of low-interest loans were provided for micro, small and medium-sized enterprises as well as individual businesses.

Underscoring the efforts in stabilizing China’s economic fundamentals, Li urged the further implementation of existing supportive policies, especially for small firms and individual businesses, multiple measures to boost domestic demand, more moves to accelerate the construction of major projects, and efforts to improve the business environment and foreign trade policies.

The meeting required efforts to allow the deferral of income tax payments for small firms and individual businesses and extend the policies on taxes and fees which support the epidemic prevention and control and secure the supply of daily necessities.

A newly added 1 trillion yuan of local government special bond quotas will be assigned ahead of schedule, which is expected to be completed by the end of May, said the meeting.

The meeting also called for efforts to strengthen the financial support for enterprises to secure job positions.

A national campaign to boost the employment and entrepreneurship of Chinese university graduates will be launched from May to August, according to the Ministry of Education.

(Xinhua)