On 5 March, Premier Li Keqiang made a report on the work of the government. "For the first time, the employment priority policy has been put on the macro-policy level", "the government has to live a tight life", "precise and effective support for the real economy"... Nearly 20,000-word reports have unleashed a lot of heavy policy signals. We've done some sorting, let's look at it together!
1. Put Employment Priority Policy on the Macro Policy Level for the First time
This year, for the first time, the employment priority policy has been placed at the macro policy level, aiming at strengthening the guidance of attaching importance to employment and supporting employment in all aspects.
We will do a good job in the employment of key groups, such as college graduates, veterans and migrant workers, and strengthen the employment assistance for all types of people with employment difficulties in cities and towns.
2. Greater tax cuts
Over the year, the burden of corporate tax and social security contributions has been reduced by nearly 2 trillion yuan.
Deepening the reform of value-added tax will reduce the current 16% tax rate of manufacturing industry to 13%, and the current 10% tax rate of transportation and construction industry to 9%, so as to ensure that the tax burden of major industries will be significantly reduced.
We will ensure that tax burdens in all industries are reduced and not increased. We will continue to move towards three-tier tax rates and two-tier tax system simplification.
The proportion of basic endowment insurance contributions for urban workers will be reduced to 16% in all regions.
This year, we must make sure that enterprises, especially small and micro enterprises, have a substantial reduction in the burden of social security contributions.
3. The government needs to live a tight life
In order to support enterprises to reduce their burdens, governments at all levels should live a tight life and try their best to raise funds.
The central government should open up sources and reduce expenditure, increase profits handed over by specific state-owned financial institutions and central enterprises, reduce general expenditure by more than 5%, and reduce the "three public" funds by about 3%, and recover all long-term deposited funds.
Local governments should also take the initiative to tap potential, vigorously optimize the expenditure structure, and activate various types of funds and assets through multiple channels.
4. Accurately and effectively support the real economy
Reform and improve the mechanism of monetary credit, timely use of deposit reserve ratio, interest rate and other quantitative and price means to guide financial institutions to expand credit delivery, reduce loan costs, and accurately and effectively support the real economy.
We will intensify the targeted reduction of small and medium-sized banks and release all the funds for private and micro-enterprise loans.
We will support large commercial banks to replenish capital through multiple channels, enhance their ability to provide credit, and encourage more medium- and long-term loans and credit loans for manufacturing industries.
This year, loans to small and micro enterprises of large state-owned commercial banks will increase by more than 30%.
5. implementing credit regulation and "Internet + regulation" reform
We should promote "double random and one open" cross sectoral joint supervision, and implement credit supervision and "Internet + regulation" reform.
We will deepen the reform of comprehensive administrative law enforcement, clear up and standardize administrative penalties, and resolutely administer multiple and repeated inspections.
Regulators should also be strongly supervised and regulated, and selective and capricious enforcement of the law should never be allowed, nor should enterprises and the masses be allowed to be difficult.
6. Strengthen Primitive Innovation
We will increase support for basic research and applied basic research, strengthen original innovation and tackle key core technologies.
We will comprehensively strengthen the protection of intellectual property rights, improve the punitive compensation system for intellectual property infringement, and promote invention, creation and transformation.
Give innovative teams and leaders greater control over people, property and technological route decision-making power.
We will further increase the proportion of indirect funds for basic research projects and carry out a pilot project of "contract system" reform in the use of project funds, without subject proportion restrictions, and use them independently by scientific research teams.
7. Increase investment in infrastructure such as intercity transportation
We will complete 800 billion yuan of railway investment and 1.8 trillion yuan of highway and waterway investment, and start a number of major water conservancy projects to speed up the planning and construction of Sichuan-Tibet Railway.
We will increase investment in infrastructure such as intercity transportation, logistics, municipal administration, disaster prevention and control, civil and general aviation, and strengthen the construction of a new generation of information infrastructure.
8. Promoting the Pilot Achievements of Housing Land System Reform
Promote the pilot results of rural land expropriation, the introduction of collectively operated construction land into the market and the reform of housing land system. We will deepen the reform of collective property rights, forest rights, state-owned forest farms, agricultural reclamation and supply and marketing cooperatives.
9. Yangtze River Delta Regional Integration Development Upgraded to National Strategy
The integration of the Yangtze River Delta region will be upgraded to a national strategy and an outline for the implementation of the development plan will be drawn up.
10. Promoting the High Quality Development of Manufacturing Industry
Build an industrial Internet platform, expand the "intelligence +" to enable the transformation and upgrading of manufacturing industry.
We will support enterprises to speed up technological transformation and equipment upgrading, and expand preferential policies for accelerated depreciation of fixed assets to all manufacturing sectors.
Promote the docking of standards with advanced international standards.
11. accelerate the promotion of "Internet +" in all sectors of the industry.
Deepening R&D and application of big data and artificial intelligence, fostering new generation of information technology, high-end equipment, biomedicine, new energy vehicles, new materials and other emerging industrial clusters, and strengthening the digital economy.
We should adhere to inclusive and prudent supervision, support the development of new formats and new models, and promote the healthy growth of platform economy and shared economy.
Accelerate the promotion of "Internet +" in all sectors of the industry. Continue to promote the network to speed up and reduce fees.
12. Vigorously develop the service industry for the aged
We should vigorously develop the old-age service industry, especially the community old-age service industry, and give tax and fee relief, financial support, preferential price of water, electricity and heat to the institutions providing day care, rehabilitation care, and buffet and other services in the community. New residential areas should be supported by the construction of community old-age service facilities, reform and improve the policy of combining medical care with maintenance, and expand the pilot of long-term care insurance system.
We will accelerate the development of various forms of infant and child care services and support social forces in setting up nursery services.
13. Making great efforts to optimize the environment of private economic development
According to the principle of competition neutrality, all kinds of ownership enterprises are treated equally in terms of factors acquisition, admission, operation, government procurement and bidding.
We will improve the communication mechanism between government and enterprises and stimulate entrepreneurship.
The protection of property rights must be unswerving, torts should be punished according to law, and wrongs in wrongful cases must be corrected.
14. Promoting the healthy and stable development of multi-level capital market
We will intensify the reform of budget openness and promote the reform of the division of fiscal powers and expenditure responsibilities between the central and local governments.
We will improve the local tax system and steadily promote legislation on real estate tax.
Standardize local government debt financing mechanism.
Guided by serving the real economy, we should reform and optimize the financial system structure and develop private banks and community banks.
Reform and improve the basic system of capital market, promote the healthy and stable development of multi-level capital market, and increase the proportion of direct financing, especially equity financing.
Enhance the insurance industry risk protection function. Strengthen financial risk monitoring, early warning and disposal.
15. Driving the Reform to Deepen in an All-round Way through High-level Opening-up
We will continue to promote the flow-oriented opening of commodities and factors, pay more attention to institutional openness such as rules, and deepen reform in an all-round way with a high level of openness.
We will further relax market access, reduce negative lists of foreign investment access, and allow more areas to be operated solely by foreign investment.
A new area of Shanghai Free Trade Test Zone will be added to promote the construction of Hainan Free Trade Test Zone and explore the construction of a free trade port with Chinese characteristics.
We will promote negotiations on regional comprehensive economic partnership agreements, China-Japan-South Korea Free Trade Zone and China-EU investment agreements, and continue to promote Sino-US economic and trade consultations.
Source: People's Daily