Archive for ‘market’


Guangdong to fully open elderly care market

GUANGZHOU, May 20 (Xinhua) — South China’s Guangdong Province abolished an old regulation on the market access of elderly care institutions to boost the development of the industry, local civil affairs authorities said Monday.

A registration and filing system will be put into practice to replace the previous license system, which has been implemented since December 20, 2014, to lower the threshold for setting up elderly care institutions. Social sectors are encouraged to participate in the industry.

The provincial department of civil affairs will issue relevant policy documents on the registration and supervision of elderly care institutions, to further promote services for the aged in Guangdong.

China saw improved elderly care system, with 163,800 elderly care institutions and facilities offering 7.46 million beds for senior citizens as of the end of 2018.

A raft of measures are being taken to accelerate the development of the elderly care service industry, including fully opening the elderly care market by 2020.

Source: Xinhua


China Focus: China to ramp up efforts to provide better elderly care

BEIJING, March 7 (Xinhua) — As China is faced with a growing aging population, the government has pledged to provide better elderly care services and facilities for the silver-haired, and give a strong boost to domestic demand.

Elderly care remains high on the agenda in this year’s government work report, which said that significant steps would be taken to develop elderly care, especially community elderly care services.

The number of people in China aged 60 and above reached 250 million by the end of 2018, accounting for 17.9 percent of the country’s population.

“Growing demand will trigger greater market potential in China’s senior care industry,” said Tang Wenxiang, founder of Fullcheer Group, a major elderly care services provider based in Changsha, capital of central China’s Hunan Province.

Fullcheer Group has 50 branches in more than 10 provinces and cities with a total of 5,000 beds. Tang expects the number of his company’s beds to increase to 50,000 in five years.

“There is still a huge gap between the demand of China’s aging population and the number of elder care facilities,” Tang said.

The country will provide support to institutions offering services in the community like day care, rehabilitation care, and assisted meal services and outdoor fitness services using measures such as tax and fee cuts and exemptions, funding support, and lower charges for water, electricity, gas and heating, according to the government work report.

Tang said government’s measures to develop elderly care services greatly boosted the confidence of entrepreneurs who run businesses in the sector.

Developing the elderly care industry is good for improving people’s well-being and stimulating consumption, said Xu Hongcai, an economist with the China Center for International Economic Exchanges.

“Consumption on elderly care requires the supply of the elder care market, offered by both the government and the market,” he said.

A research report issued by Guolian Securities suggests that a string of policies have been carried out in China to encourage the participation of the social sector in the senior care industry, which will boost the country’s consumption in the health and medical sectors.

As China opens this sector, foreign firms such as France’s Orpea and Japan’s Nichii have tapped the elderly service market in China.

China still lacks leading players in the senior care market which includes nursing care, rehabilitation assistive devices and daily necessities for seniors, Tang said.

The long-term care insurance system will help increase the occupancy rate of some elderly services facilities given a number of elderly people can hardly afford the expenses, according to Tang.

Source: Xinhua


China to further cut red tape to invigorate market

BEIJING, Feb. 20 (Xinhua) — China’s central government will eliminate or delegate to lower-level authorities more items that require government approval and implement nationwide the reform of the construction project reviewing system, the State Council’s executive meeting chaired by Premier Li Keqiang decided on Wednesday.

The Chinese government has put high importance on transforming government functions by streamlining administration, delegating powers, enhancing oversight and providing better services. Premier Li stressed the importance of deepening the reform in transforming government functions, especially by delegating administrative powers.

He called for a thorough evaluation of all government review items to see that all existing review items that can be eliminated or delegated to lower-level authorities be duly dealt with except for those involving national security and major public interests.

“Streamlining administration is as important as tax cuts in stimulating market vitality as we tackle the current downward economic pressure. The key task for the government is to foster a better business environment to energize all market players,” Li said at the Wednesday meeting, “This will be our important measure for sustaining steady economic growth this year.”

It was decided at the meeting that 25 administrative approval items including pre-approval of corporate names before business registration and preliminary review of domestically-produced medicines will be canceled. Six administrative approval items including the practising registration of some professions will be delegated to government departments at or below the provincial level.

“Our reform to transform government functions affects the vested interests of government departments. However, administrative streamlining is a must as excessive and cumbersome reviewing requirements would drive up institutional transaction costs and dampen market vitality,” Li said. “Meanwhile, the government must enhance oversight and improve services. Its focus should shift to setting rules and standards.”

It was also decided at the meeting the pilot reform of the reviewing system for construction projects will be rolled out across the nation.

Under unified requirements, an inter-agency reviewing process with a single department acting as the lead agency and clear reviewing timeframes will be adopted. Practices such as pledging of notification, district-wide evaluation, and joint drawing review and project inspection upon completion will be implemented. In a word, there will be “a single blueprint” overseeing the implementation of a project, “a single window” providing multi-agency services, “a single checklist” for preparing application materials and “a single set of mechanisms” for regulating the permitting processes. The goal is to halve the time required for reviewing construction projects to 120 working days in the whole of the country within the first half of this year.

“Market players must assume their due responsibilities and recognize that they take primary responsibility for the projects they undertake, and that they will be held accountable for them on a lifetime basis,” Li said, “As for the government, it must not interfere in things that do not fall within its purview, and focus on exercising oversight in all the areas necessary. This kind of oversight will help ensure fairness and efficiency.”

Source: Xinhua


Opening of China’s market could serve as future global growth driver: experts

DAVOS, Switzerland, Jan. 22 (Xinhua) — The opening of China’s market is likely to increase the competitiveness of the Chinese economy, which could serve as a future driver of global growth, experts attending the ongoing World Economic Forum (WEF) Annual Meeting said Tuesday.

Attending a penal discussion titled “Rethinking Global Financial Risk,” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the Chinese economy may slow down in 2019 but “it won’t be a collapse.”

“China’s vision for the economy is to make it open, large and competitive. It will be a huge opportunity for all companies,” Fang said, adding that declines in overheated sectors, such as real estate and infrastructure, could provide useful correctives for the market.

Saying that opening up is good for China, Fang emphasized that over the last 40 years China has never had a significant financial crisis.

“How has it managed that? We have a very top-down approach to financial risk management. If risks are accumulating the government will step in. There is a lesson that the rest of the world should look at,” he said.

Jin Keyu, professor of economics of the London School of Economics and Political Science, said only two years ago China was considered as a ticking financial bomb, and the slowdown is the consequence of the government’s successful efforts to deleverage.

“These efforts have made China safer, much of this is the deliberate effort of the government,” she said.

Most of the economic experts predicted economic slowdowns in major global markets, including China and the United States, for 2019, but according to Jin, though growth has become more of an issue, the Chinese government is now shifting its focus to revamping growth.

“China has a lot more scope than most countries in this regard,” she said, adding that China’s main challenge is “how to unleash the real potential of the real economy.”

Ray Dalio, founder of investment management firm Bridgewater Associates, noted that there’s a top-down way of setting a mission, and working those things in a top-down way in China that has produced a 20-fold increase in income.

Chairman of the Swiss bank UBS Axel A. Weber said at the discussion that most of the growth seen globally is “generated by China being included in the world economy.”

“The more we can connect stock markets, the more we can bring international investors into the Chinese economy,” he noted.

Though soft but stable growth characterizes the general outlook for 2019, experts attending the discussion noted that a range of serious risks still exist on the periphery, such as a hard Brexit, climate change, and cybersecurity.

Experts at the discussion also predicted that easing monetary policies and fiscal reforms could offset the slowdown, but with interest rates still at post-financial crisis low points, there are questions about how much room central banks have to manoeuvre.

The 2019 annual meeting of WEF kicked off here Tuesday, bringing together more than 3,000 global leaders from politics, government, civil society, academia, arts and culture as well as the media.

Source: Xinhua

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