The State Council Executive Meeting Chaired by Premier Li Keqiang Stressed Sustained Solid Measures for Current Economic and Social Development to Boost Stable Economic Rebound Early This Year, Demanded Prompt Arrangements for Spring Plowing and Farming Preparations to Lay a Solid Foundation for an Ample Grain Harvest and Stable Supply of Important Agricultural Products, and Requested Accelerated Consumption Recovery, Stable Foreign Trade and Investment and Strengthened Driving Force for Economy

Beijing, January 28, Xinhua News Agency— The State Council executive meeting chaired by Premier Li Keqiang stressed continued solid measures for current economic and social development to boost a stable economic rebound early this year, demanded prompt arrangements for spring plowing and farming preparations to lay a solid foundation for an ample grain harvest and stable supply of important agricultural products, and requested accelerated consumption recovery, stable foreign trade and investment and strengthened driving force for the economy.

Noting the continuing trend of economic recovery and rebound, the meeting stressed the need to implement the instructions of the CPC Central Committee and the State Council as well as the decisions of the Central Economic Work Conference and focus on ensuring stability in growth, employment and prices, to keep the economic performance within a proper range. Solid steps will be taken to ensure effective implementation of the policy package for stabilizing the economy and its follow-up measures. Key projects and equipment upgrading and renovation supported by fiscal and financial policy tools will be advanced to generate more physical gains. Policies to extend the duration of VAT relief for small-scale taxpayers and inclusive loans granted to micro and small businesses will be effectively implemented. It is imperative to remain firmly committed to consolidating and developing the public sector, and to encouraging, supporting and guiding the development of the non-public sector, to protect the lawful rights and interests of private businesses and foster a market-oriented, world-class business environment governed by a sound legal framework. The platform economy will be supported in pursuing sustained and sound development. The meeting also underscored the need to facilitate a speedy reopening of businesses and production after the Spring Festival and to provide good services for migrant workers in returning to their work or landing new jobs. We need to work together to consolidate and expand the momentum of economic recovery.

The meeting pointed out that the whole year's work depends on a good start in spring with the yield of grain sown in spring accounting for about 60% of that of the whole year and nearly 40% of the staple food. At the beginning of February, relevant sectors should make comprehensive plans and clearly define responsibilities at all levels to promptly start spring plowing and farming preparations in order to lay a solid foundation for bolstering food supply and stabilizing consumer prices. Firstly, the spring wheat and oil-seed rape fields should be managed properly. Technical guidance in alignment with local conditions and seedlings should be offered and disasters such as spring drought, late spring cold, diseases and insect pests should be timely prevented. Secondly, the objectives of grain and oil production in different regions should be clarified as soon as possible to ensure sufficient spring sowing area and to maintain a steady soybean planting area. Thirdly, enough support will be offered to farmers. To help farmers prepare seeds and fertilizers, agricultural materials will should allocated and transported across regions in a well-organized manner. Online and offline agricultural technology training will be carried out and the maintenance of agricultural machinery and inter-regional machine plowing and seeding will be organized so as to help small farmers with farming by giving full play to the role of social service organizations. Fourth, policies such as enforcing minimum purchase prices and offering producer subsidies, etc. will be implemented. Fifth, support for soybean planting will be increased and full-coverage subsidies for “spraying mixtures of pesticide, germicide and plant growth regulator to ward off diseases, insect attacks and dry-hot winds” will continue to be granted in wheat farming. Funds for disease and pest prevention and control will be allocated in advance and subsidies will be provided for centralized seedling cultivation of southern early rice to mobilize the enthusiasm of farmers and promote the increase of production and income.

Noting the pressing challenge of insufficient demand, the meeting urged timely measures to promote an early recovery of consumption as the main economic driving force, steadfastly advance opening-up, and stabilize and upgrade foreign trade and investment. Firstly, consumption will be further boosted. Policies for supporting consumer service businesses and self-employed individuals and promoting the consumption of cars and other big-ticket items will be fully implemented. Various activities will be launched to stimulate consumption and facilitate the early recovery of contact-based service industries. Consumer loans will be increased as appropriate. The policy toolkit will be harnessed following a city-specific approach to meet people’s basic housing needs and the need for improved housing conditions and ensure the delivery of pre-sold homes. Secondly, the meeting reaffirmed China's commitment to the basic national policy of opening-up and called for more concrete measures to stabilize foreign trade. Efforts will be made to promote the resumption of in-person exhibitions at home and support enterprises to participate in exhibitions overseas. Policies concerning export rebates, credit loans and credit insurance, among others, will be earnestly implemented, and the RMB exchange rate will be kept generally stable at an adaptive, balanced level. Enterprises will be supported to further explore market opportunities by making full use of the Regional Comprehensive Economic Partnership (RCEP). Development of cross-border e-commerce and overseas warehouses will be further promoted. The competitiveness of foreign trade will be enhanced. Import will be expanded as appropriate. Thirdly, active efforts will be made to attract foreign investment. The new Catalogue of Encouraged Industries for Foreign Investment will be put into effect at a faster pace. Local governments will be supported in attracting businesses and investment. The role of pilot free trade zones and other platforms will be better leveraged. Facilitative measures on cross-border travel will be earnestly implemented. Sustained efforts will be made to improve services for foreign-invested enterprises and promote the earlier delivery of major projects.