China will adopt a package of measures to stabilize economic performance in an effort to get the economy back to a normal track and keep major economic indicators within an appropriate range, the State Council decided at a recent executive meeting chaired by Premier Li Keqiang. The meeting decided to implement 33 measures in six aspects.
（Photo Source: CFP.CN）
Fiscal and related policies
The policy of refunding outstanding and newly added value added tax credits will be extended to more industries, which is expected to increase tax refunds by more than 140 billion yuan and bring the total amount of tax relief this year to 2.64 trillion yuan.
Financial policies
The scale of the support facility for inclusive loans to micro and small businesses, and its share of the increase in the loan balance will both be doubled this year. Banks will be supported in deferring, within this year, principal and interest repayments on loans made to micro, small and medium-sized enterprises and self-employed households, truck loans, and home loans and consumer loans borne by individuals facing temporary difficulties.
Stabilize industrial and supply chains
To keep cargo logistics smooth, restrictions on the passage of trucks from low-COVID-risk areas will be lifted and all undue height limits and arbitrary charges scrapped.
Boost consumer spending and effective investment
Car purchase restrictions will be relaxed. There will be a phased reduction of purchase tax totaling 60 billion yuan on some passenger vehicles.
Ensure energy security
A number of new hydropower and coal-fired power projects will start this year.
Ensure basic livelihoods
The mechanism of raising social benefits pro rata with price increase will be promptly activated should the situation require.
2021 China International Fair for Trade in Services (hereinafter referred to as "CIFTIS") was held at China National Convention Center and Shougang Park from September 2 to September 7, with the theme of "Towards Digital Future and Service Driven Development". During this CIFTIS, exhibitions and displays, forums and conferences, promotional business talks and side events covering all 12 sectors of trade in services were held, and over 12,000 enterprises from 153 countries and regions were attracted to participate in the exhibitions and conferences online or onsite.
This year's CIFTIS was held with full use of digital technology and in the way of online and onsite combination, synchronously promoting the screen-to-screen and face-to-face enterprise exchange & business talks, assisting enterprises in tapping into business opportunities in many ways to offset the impact of the COVID-19 pandemic, and fully demonstrating the huge potential of digitalized, networked and intelligent development of economy.
In his video speech at the Global Trade in Services Summit of 2021 CIFTIS, Chinese President Xi Jinping emphasized that China will continue to support the innovation-driven development of small- and medium-sized enterprises (SMEs), by deepening the reform of the New Third Board (National Equities Exchange and Quotations) and setting up a Beijing Stock Exchange as the primary platform serving innovation-oriented SMEs.
At the Section of Financial Services held during this CIFTIS, one highlight was how finance serves the real economy. Institutions such as Sunshine Insurance Group, Bank of Beijing, and Beijing Rural Commercial Bank have showcased special financial services including pension finance, cultural finance, science and technology finance, supply chain finance, and inclusive finance.
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