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Chinese premier stresses financial support for real economy

(Xinhua)    08:33, August 18, 2020

Chinese Premier Li Keqiang on Monday stressed efforts to ensure that new fiscal funds directly benefit businesses and people to consolidate the foundation of the country's restorative growth.

Li made the remarks while presiding over an executive meeting of the State Council.

Li also called for strengthening the implementation of financial policies designed to back the real economy to help market entities relieve their strains, and seek further development.

By early August, nearly 300 billion yuan (about 43.3 billion U.S. dollars) of the 2-trillion-yuan newly increased fiscal funds have been used to support tax and fee cuts, according to the meeting.

Meanwhile, as far as the rest of the 1.7 trillion yuan in new funds, 97.8 percent has gone directly to city and county governments to enhance fiscal strength at grassroots levels.

Such progress has boosted government efforts in aiding market entities, stabilizing employment and ensuring people's livelihood, and accelerating restorative economic growth, it said.

For the next stage, the meeting said efforts will be made to prompt local governments to spend the allocated funds on market entities and people's livelihood, closely monitor the use of the funds, and strictly deal with irregularities and misuse of the funds once they are spotted.

In the first seven months, more than 870 billion yuan in financial burdens were exempted for market entities thanks to the government's supportive policies, including tax and fee cuts and deferring loan and interest repayments, said the meeting.

More efforts should be made to benefit market entities by keeping the liquidity at a reasonable and ample level while supporting the real economy, especially small businesses, with a variety of monetary policy tools, it said.

Financial support towards market entities should be more convenient, according to the meeting, which encouraged the employment of big data systems that can serve as handy liaisons between banks and companies.

China's loan prime rate reform should be further deepened to guide the lending rates lower, and more measures shall be taken to facilitate the financing of small and micro businesses, it said.

The meeting also stressed carrying out inspections on unreasonable and illegal bank charges.

To promote employment of normal graduates, the meeting also decided to allow graduates of qualified colleges to acquire teacher certifications, with school assessments of teaching abilities instead of exams.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Liang Jun)

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