Archive for ‘annual legislative session’

11/03/2019

Xi joins deliberation with Fujian deputies at annual legislative session

  • (TWO SESSIONS)CHINA-BEIJING-XI JINPING-NPC-DELIBERATION (CN)

    Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, joins deliberation with deputies from Fujian Province at the second session of the 13th National People’s Congress in Beijing, capital of China, March 10, 2019. (Xinhua/Li Xueren)

    BEIJING, March 10 (Xinhua) — President Xi Jinping on Sunday afternoon joined deliberation with deputies from Fujian Province at the second session of the 13th National People’s Congress, China’s national legislature.

    “[We] should create a favorable development environment for innovation, entrepreneurship and creativity,” said Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission.

    China should seek momentum from reform and opening up, unleash to the maximum the whole society’s power for innovation, entrepreneurship and creativity, and keep improving the country’s influence and competitiveness in a world that is undergoing profound changes, Xi said.

    Xi stressed creating favorable conditions for the development of small and medium-sized enterprises and young people, and establishing an acceleration mechanism for high-tech companies.

    He urged solid implementation of the policies and measures to encourage, guide and support the development of the private sector.

    Fujian must leverage the combined strengths of the special economic zone, pilot free trade zone, comprehensive experimental zone and the core zone of the 21st Century Maritime Silk Road, and keep exploring new approaches, Xi said.

    Xi called for efforts to explore new ways for integrated development across the Taiwan Strait.

    The two sides of the Taiwan Strait should enhance economic and trade cooperation, infrastructure connectivity, energy and resource exchanges, and shared industry standards, he said.

    Cross-Strait cooperation and cultural exchanges should be strengthened, he added.

    Xi stressed the importance of implementing the people-centered development concept in the work on Taiwan, urging efforts to benefit Taiwan compatriots in the same way as people on the mainland are served.

    He encouraged listening to the voice of Taiwan compatriots and research on what other policies and measures can be introduced to bring them benefits.

    Xi said that this year marks the 70th anniversary of the founding of New China, and it is necessary to ensure that no one in the country’s old revolutionary base areas falls behind in the process of building a moderately prosperous society in all respects.

    He called for adherence to targeted poverty alleviation and efforts to identify the root causes of poverty to enhance the effectiveness of anti-poverty measures.

    More efforts should be put into coordinating economic development with ecological protection, Xi said.

    Source: Xinhua

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08/03/2019

Xinhua Headlines: China advances all-round opening-up at “two sessions”

Xinhua Headlines: China advances all-round opening-up at "two sessions"

Visitors are seen at a tulip fair at Baiwankui garden in Nansha free trade zone in south China’s Guangdong Province, Feb. 9, 2019. (Xinhua/Liu Dawei)

BEIJING, March 7 (Xinhua) — China expects to see wider opening-up as it pledges to do more to attract foreign investment and promote global cooperation at the ongoing annual “two sessions.”

“We will promote all-round opening-up and foster new strengths in international economic cooperation and competition,” Chinese Premier Li Keqiang said when delivering the government work report to the annual legislative session Tuesday.

At the session, further relax of controls over market access has been announced, a draft foreign investment law will be deliberated, and the Belt and Road cooperation has been promoted.

UNVEILING OPPORTUNITIES

The government will further shorten the negative list which outlines fields off-limits to foreign investors, Ning Jizhe, deputy director of the National Development and Reform Commission, told a press conference on the sidelines of the annual legislative session Wednesday.

China will roll out more opening measures to the agriculture, mining, manufacturing and service sectors, and allow wholly foreign-funded enterprises to operate in more sectors, Ning said.

John Huang with the British information service provider Experian believes that international investors will welcome China’s further opening-up.

“Some core industries, once considered to be ‘the most difficult areas to open up,’ such as automobile manufacturing and financial services, are now welcoming foreign investment,” said Huang, managing director for decision analytics of Experian Greater China.

“The Chinese government’s consistent commitment to opening-up has given foreign enterprises confidence about the business environment here,” said SangBoem Han, CEO of LG Display from the Republic of Korea.

In July 2018, LG Display opened an OLED panel factory in south China’s Guangdong Province with a total investment of 46 billion yuan (6.9 billion U.S. dollars).

China saw a record foreign direct investment of 135 billion U.S. dollars in 2018 despite a global economic downturn and rising protectionism.

“In the early days, foreign firms received preferential policies regarding land, electricity and taxes in China,” Han said, “but more recently, the government has increased its protection of intellectual property and improved efficiency.”

FOREIGN INVESTMENT LAW

On Tuesday, Premier Li emphasized opening up based on rules and related institutions.

This will help China better conform with the international rules, said Zhang Jin, a national political advisor and businessman from Guangdong.

“This is also in line with China’s further integration with globalization and engagement in international competition,” Zhang said.

A highlight at this year’s “two sessions” is the draft foreign investment law, which is to be submitted to this year’s session of the 13th National People’s Congress (NPC) for review.

Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises.

The foreign investment law would be highly significant to protect legitimate rights and interests of foreign investors and ensure fair competition, said Loh Jen Yuh, president of China & Investment Management of CapitaLand Group, one of Asia’s largest real estate companies.

“The law shows China’s openness and the rule of law,” said Han, who hoped that the enact of the law would further improve China’s business environment.

PROMOTING GLOBAL COOPERATION

Along with the efforts to attract foreign businesses, China is also stepping up the implementation of the Belt and Road Initiative (BRI) to benefit more participants.

To date, a total of 152 countries and international organizations have signed cooperation documents with China on the BRI.

“Many countries along the Belt and Road have shown their intention to cooperate with Chinese manufacturers,” said Wu Gang, a national political advisor and chairman of wind power firm Xinjiang Goldwind Science & Technology.

“We are more confident in going global under the government’s favorable policies related to the BRI,” said Wu, whose business has gained great market shares in Pakistan and Australia.

According to the government work report, China will continue to “promote the joint pursuit” of the BRI, aiming at “shared growth through discussion and collaboration.”

China has signed free trade agreements with over 20 countries and regions. According to Zhao Ji, a national political advisor and president of China’s Northeastern University, the country’s efforts to strengthen the opening-up are especially important against the weak global economic growth.

“The development of China, which has been closely connected with the world, will continue to play a key role in promoting globalization,” Zhao said.

Source: Xinhua

07/03/2019

China Focus: More reform needed to benefit private enterprises

BEIJING, March 6 (Xinhua) — China should push forward its reform to facilitate the development of private enterprises, a political advisor said Wednesday.

The reform should give them tangible benefits in terms of steady development and fair competition, Liu Shijin, deputy director of the economic committee of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), said at a press conference.

Compared with state-owned enterprises, private enterprises have seen more difficulties partly due to insufficient credit support, Liu said.

The reform of existing financial enterprises should be promoted, and more importantly, the country should relax market access for the development of a number of financial institutions and financial products that provide special services to smaller firms, Liu said.

The private sector plays an important role in the economic system, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.

“The private sector and the country’s economic and social development have been closely related to each other, and formed a community of a shared future,” Liu said.

However, the difficulties that private firms and small businesses face in accessing affordable financing have not yet been effectively solved. The business environment still falls short of market entities’ expectations, according to a government work report delivered Tuesday by Premier Li Keqiang at the opening of the annual legislative session.

Loans to small and micro businesses by China’s large state-owned commercial banks will increase by over 30 percent in 2019, the report said.

The country also announced reducing the tax burden on and social insurance contributions of enterprises by nearly 2 trillion yuan (about 298 billion U.S. dollars) this year, with a focus on the manufacturing sector and smaller businesses, according to the report.

Liu said that the government’s policy of supporting the development of private enterprises had been “explicit and consistent.”

The non-public sector’s status and functions in the country’s economic and social development have not changed. The principle and policies to unswervingly encourage, support and guide the development of the non-public sector have not changed, and the principle and policies to provide a sound environment and more opportunities to the sector have not changed either, according to an important symposium on private enterprises last year.

Private enterprises have truly felt the government’s unchanged stance on, confidence in and policy support for the private sector, said Nan Cunhui, a member of the Standing Committee of the CPPCC National Committee and chairman of power equipment giant CHINT Group.

“The only change is that what we receive keeps becoming better and better,” he said.

The tax-cut measures for the manufacturing sector put forward in the government work report is a big stimulus to private enterprises and the whole sector, Nan said.

Private firms also need to have the conditions for equal development and a level playing field, Liu said.

Policy support is important, but what’s more important is a stable law-based environment that does not change with short-term policy changes, Liu added.

“We will strive to create a positive business environment in which entrepreneurs can be free of concerns in doing business and running companies,” the government work report said.

Source: Xinhua

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