China boosting cyclical change to aid economy

The State Council's executive meeting chaired by Premier Li Keqiang yesterday called for effective policy implementation and strengthening of cross-cyclical adjustments in light of the new situations in economic operation, to keep major economic indicators within an appropriate range.

Since mid-to-late July, extreme weather and the consequent severe flooding have hit multiple areas of the country, and new COVID-19 cases have been identified in several provinces. Commodity prices have been hovering at a high level, and the international economic situation is intricate and complex.

"The recent new uncertainties should be duly noted, such as sporadic COVID-19 cases in multiple places, extreme weather calamities, and shifting world expectations on the economic front." Li said, "Judging from the current situation, the underlying economic trend has not changed. We remain confident that we are able to keep up the momentum and undertake effective cross-cyclical adjustments."

Continued, solid efforts are required for COVID-19 containment, flood control, disaster relief, and post-disaster recovery and reconstruction. All regions must strictly fulfill their responsibilities and rigorously implement all measures needed in COVID-19 preparedness and response.

Early warning and emergency response to floods and other disasters will be intensified. Greater support will be provided to accelerate recovery and reconstruction in disaster-stricken areas. Faster progress will be made in replanting or shifting to other crops, restoring farmlands and facilities damaged by the flood, and improving urban flood control and drainage facilities.

"The regular epidemic response mechanism will be improved to guard against infections in key links in particular.

In the meantime, disaster relief and post-disaster reconstruction should be accelerated. Appropriate arrangements will be made to help the disaster-stricken populations and fully meet their basic living needs, and efforts made in advance to keep people in the north safe and warm throughout the winter," Li said.

Jobs top priority

Job security will remain a high priority.

The government will facilitate market-oriented job creation by the non-public sector, and enhance employment assistance and services for key populations such as college students, migrant workers and people in difficulty, to help ensure people's income and livelihood through stable employment.

"Last year's experience shows that sustaining fairly sufficient employment helps generate wealth, keep market vibrant and maintain social stability. We must continue to put employment high on our agenda and see that all assistance and support policies are fully delivered," Li said.

Dedicated efforts will be made to help market entities overcome difficulties. The government must fully deliver the tax and fee cuts already introduced and curb arbitrary charges.

Guidance will be provided to financial institutions for effective use of the capital freed up from the required reserve ratio cuts to strengthen financial services for smaller businesses.