Executive Meeting of The State Council

Date: 2021-08-17
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Premier Li Keqiang presided over an executive meeting of The State Council on August 16, calling for the implementation of policies and the strengthening of cross-cycle adjustment in light of new economic conditions. We deliberated and adopted the 14th Five-Year Plan for promoting employment, strengthened the employment-first policy across the board, and promoted the expansion and quality of employment.

The meeting pointed out that since mid-late July, extreme weather and severe floods have occurred in many parts of China, COVID-19 has emerged in many provinces and regions, high commodity prices have fluctuated, and the international economic situation is complicated. All regions and government departments should earnestly implement the arrangements of the CPC Central Committee and The State Council, effectively respond to new challenges, strengthen cross-cycle adjustment, and keep economic performance within a proper range.

First, we will make solid efforts to contain the epidemic, prevent and control floods, provide disaster relief, and carry out recovery and reconstruction. All localities should strictly fulfill their responsibilities and take measures to prevent and control the epidemic, improve the mechanism of epidemic prevention and control on a regular basis, and especially guard the key links. We will further strengthen early warning and emergency response to floods and other disasters. We will increase support to accelerate recovery and reconstruction in the disaster-hit areas. We will work quickly to replant autumn grain crops, repair farmland damaged by floods and repair facilities, and improve urban flood control and drainage facilities.

Second, we will give priority to ensuring employment. We will promote market-oriented and socialized employment, strengthen employment assistance for key groups such as college graduates, rural migrant workers and people with difficulties, and ensure people's income and livelihood through stable employment.

Third, we will focus on bailing out market entities. We will implement planned measures to cut taxes and fees and curb arbitrary charges. We will guide financial institutions to make good use of funds from the required reserve ratio cut and strengthen financial services for micro, small and medium-sized enterprises.

Fourth, we will ensure market supply and stabilize prices. We will improve and implement the plan for responding to rising prices of major raw materials, appropriately increase domestic production, properly organize the release of reserves, and strengthen coordinated oversight of key commodity markets. We will continue to implement the mechanism for ensuring adequate market supply of daily necessities.

Fifth, do a good job in the resettlement of the affected people and basic living security, northern areas should do a good job in advance to ensure that the affected people safe and warm winter work. The meeting urged all regions and departments to closely track changes in economic trends and optimize policy combinations. We will ensure a steady resumption of consumption growth, make good use of special local government bonds to boost effective investment, stabilize foreign trade and investment through more effective opening-up measures, strengthen policy coordination and interpretation, and enhance confidence of market entities to maintain steady economic performance.

The meeting pointed out that during the 14th Five-year Plan period, China's urban employment will still be under great pressure, and it is necessary to continue to give priority to employment in economic and social development and macro policies, strengthen government responsibility, adhere to market leadership, and promote fuller and better quality employment. First, we will strengthen fiscal and monetary policies to support employment, promote the development of labor-intensive industries with strong employability, promote integrated online and offline development of the service sector, and promote flexible employment through multiple channels. Second, we will strengthen business startups to stimulate employment and amplify the multiplier effect of employment. We will deepen the reform of delegating power, delegating power, improving regulation and providing better services, remove barriers to starting businesses, strengthen support for starting businesses, protect entrepreneurship, and motivate workers to start businesses. Third, we will promote the sound development of new industries, new forms of business and new business models to create new jobs. Fourth, we will improve mechanisms and policies to provide employment services for college graduates, migrant workers, ex-servicemen and people out of poverty. Efforts should be made to eliminate discrimination in employment, and to strengthen protection of the rights and interests of flexible workers, older workers and women workers. Fifth, the market needs to strengthen vocational skills training, improve workers' skills and production safety quality.

The meeting also looked at other matters.

(Source: China Securities Journal)

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