Policies fuel impetus for China's high-quality development

In order to make concrete moves in 2023, the Chinese government has issued supportive polices to intensify efforts to pursue high-quality development.

Financial supportive policies

The Ministry of Finance will focus on making efforts in five aspects. First, it will improve tax support policies to ease the difficulties of enterprises. Second, it will strengthen the overall coordination of government resources and appropriately increase the scale of government expenditures. Third, the country will vigorously optimize the expenditure structure and improve its efficiency. Fourth, it will equalize financial resources among regions and promote equal access to basic public services. Finally, it will tighten financial discipline and guard against financial risks.

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. [Photo/Xinhua]

Monetary policies

The People's Bank of China said the prudent monetary policy will be precise and forceful, and will increase financial support for domestic demand and supply.

First, the country will support the recovery and expansion of consumption and the development of key infrastructures and major projects. Second, it will treat enterprises of all types of ownership equally and guide financial institutions to further solve financing problems for private small and micro businesses. Third, it will implement a 16-point recovery plan to support the steady and sound development of the real estate market.

Local residents shop at a supermarket in Lianyungang, Jiangsu province. [Photo by SI WEI/FOR CHINA DAILY]

Policies boost consumption and investment

The National Development and Reform Commission said China will continue to adhere to the principle that funds and factors of production follow projects, make good use of all types of funds, and strengthen safeguards for factors of production such as land, energy and environmental impact assessment. China proposes that 102 major projects of the 14th Five-Year Plan (2021-25), including infrastructure construction and carbon neutrality, should be carried out in a strong and orderly manner.

The country will stabilize consumption of automobiles and other large items, strengthen the construction and upgrading of parking lots and other facilities, accelerate the deployment of 5G and other new infrastructures, and accelerate the construction of charging facilities and equipment.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said the country will promote the recovery of consumption in life services. China will develop more marketable financial products and encourage consumption of housing. It will strengthen comprehensive financial support for service consumption in key areas such as education, culture, sports and entertainment.

Supportive policies of private enterprises

The National Development and Reform Commission said that China will thoroughly implement the negative list system for market access and provide equal rules, rights and opportunities for enterprises of all types of ownership.

It will actively support private enterprises in building platforms for high-level innovation and commercialization of scientific and technological achievements, continue to support and guide private enterprises in participating in the Belt and Road Initiative, and introduce policies and measures to support private enterprises in participating in rural vitalization.

The country will provide more assistance to private enterprises, detail and implement tax and fee reduction policies for industrial firms and service industries, and effectively ease the burden on relevant sectors, especially on small and micro private enterprises.

It will strengthen property rights protection for private enterprises and accelerate special actions on government-related property right disputes.

A worker cuts a steel part at the construction site of the T3B terminal project of Chongqing Jiangbei International Airport in Southwest China's Chongqing, July 11, 2022. [Photo/Xinhua]

Supportive policies for industrial system

The Ministry of Industry and Information Technology said that China proposes to accelerate the development of a modern industrial system. It will carry out the project to rebuild the industrial base, consolidate the leading position of new-energy vehicles and other advantageous industries, improve the distribution of petrochemical and other industries, and promote the high-end, intelligent and green development of the manufacturing sector.

The country will foster and develop national clusters of strategic emerging industries, and will further integrate modern service industries with advanced manufacturing and modern agriculture. It will develop a modern logistics system and prudently promote a dual carbon goal of reaching peak carbon emissions before 2030 and achieving carbon neutrality before 2060.

China will encourage major industrial provinces to take the lead, support the central and western regions in accepting industrial relocation, and support the Northeast region in making new breakthroughs in the revitalization of manufacturing.

The country will stabilize the consumption of automobiles and other major items, support enterprises in upgrading equipment and technology, and provide better services for key foreign-funded manufacturing projects. It will give full play to the leading role of investment funds and guide private capital to increase input in manufacturing.

This aerial photo taken on Jan. 27, 2023 shows the Qianwan Container Terminal of Qingdao Port in east China's Shandong Province. (Xinhua/Li Ziheng)

Favorable policies for foreign trade and investment

The Ministry of Commerce said China will support foreign trade enterprises to participate in overseas exhibitions. It will also make key exhibitions a success - such as the Canton Fair -, strengthen investment and exhibition soliciting from overseas purchasers and guide enterprises to make full use of export credit insurance policies. The country will guide enterprises to make good use of inclusive financial and employment policies, and it will further increase credit support for foreign trade enterprises, especially small, medium and micro ones.

China will continue to expand market access for foreign investment, ensure national treatment for foreign enterprises, strengthen the protection of legitimate rights and interests of foreign investors, create more convenient conditions for foreign investors to invest in the country, and strive to create a market-oriented, law-based and world-class business environment.

A nuclear power unit in Fuqing, East China's Fujian province. [Photo/Xinhua]

Strengthened policies of risk control in key areas

The National Development and Reform Commission said China will strengthen risk prediction and strategy setting, keep grain markets stable, and ensure the supply of energy and resources. It will actively guide multiple entities to enter the market for purchasing; promptly approving the launch of the implementation plan of the minimum purchase price. It will improve a new type of monitoring and early warning system, closely monitor the performance of food, energy, and resources markets at home and abroad, and stabilize market expectations.

In terms of energy security, the country will promote the planning and construction of trans-provincial power transmission channels, increase oil and gas production and supply, speed up the construction of oil and gas pipeline networks, and improve reserve ability. It plans to adjust and optimize the energy mix, strengthen wind and solar power generation, coordinate hydropower development and ecological protection, actively develop nuclear power in a safe and orderly manner, strengthen energy projects for people's livelihood, and accelerate the development of a national unified electricity market.