Li Keqiang presided over an executive meeting of the State Council
Deploy policies and measures to promote consumption to help stabilize the economic fundamentals and ensure the improvement of people’s livelihood
Decided to further increase export tax rebates and other policy support to promote the steady development of foreign trade
Determine the measures to increase financial support for the real economy to guide the reduction of financing costs for market players
Xinhua News Agency, Beijing, April 13. Premier Li Keqiang presided over an executive meeting of the State Council on April 13 to deploy policies and measures to promote consumption, help stabilize the economic fundamentals and ensure the improvement of people’s livelihood; decided to further increase policy support such as export tax rebates to promote The stable development of foreign trade; measures to increase financial support for the real economy are determined to guide the reduction of financing costs for market players.
The meeting pointed out that consumption has a lasting driving force for the economy and is related to ensuring and improving people’s livelihood. It is necessary to implement the deployment of the Party Central Committee and the State Council, coordinate efforts, take into account the near and far, strive to stabilize current consumption, and comprehensively implement policies to release consumption potential. First, we must respond to the impact of the epidemic and promote the recovery and development of consumption. We will promptly implement the already promulgated bailout policies for catering, retail, tourism, civil aviation, road, water, and railway transportation and other industries in special difficulties, encourage local governments to increase assistance, and stabilize more market players in consumer services. Ensure the supply and price of basic consumer goods and ensure smooth logistics. Scientifically plan and build a group of suburban Okura bases with comprehensive functions, and dispatch living materials nearby in emergency situations. Second, we must promote new consumption. Accelerate the integration of online and offline consumption, and cultivate and expand “smart +” consumption such as smart products and services. The third is to expand consumption in key areas. Promote the consumption of services such as medical care, elderly care, and childcare, and support social forces to make up for shortcomings in service supply. Bulk consumption such as automobiles and home appliances shall be encouraged, and all localities shall not add new automobile purchase restrictions, and gradually increase the vehicle increment index for those that have implemented purchase restrictions. Support the consumption of new energy vehicles and the construction of charging piles. Fourth, we must tap the consumption potential of counties and townships. Guide commercial and trade circulation enterprises, e-commerce platforms, etc. to extend to rural areas, and promote brand-quality consumption into rural areas. Fifth, we must strengthen security. Deepen reforms and remove barriers restricting consumption. Promote the healthy and sustainable development of consumption platforms. Guide financial institutions to enrich bulk consumer financial products. Accelerate the construction of key projects, include consumption-related infrastructure construction in the scope of special debt support, and use investment to drive consumption. Acts such as counterfeiting, price gouging, and false propaganda shall be punished in accordance with the law.
The meeting pointed out that in order to help foreign trade enterprises ease their difficulties and promote the stable development of imports and exports, it is necessary to give better play to the effect of export tax rebates, a policy that is inclusive, fair, and in line with international rules, and optimizes the foreign trade business environment from various aspects. First, for processing trade enterprises that should refund the unrefunded tax after the country implements the same policy of tax rebate rate for export products, it is allowed to transfer the input tax to deduct the value-added tax. The export credit insurance indemnity obtained by the foreign trade enterprise shall be regarded as a collection of foreign exchange, and tax refund shall be processed. Expand the coverage of the departure tax rebate policy, and implement convenient measures such as “buy and refund”. The second is to speed up the progress of tax rebates. Strengthen data sharing among departments, simplify the materials required for tax refund, and complete the entire process of declaration, review and feedback online. This year, the normal tax refund processing time has been further reduced from an average of 7 working days to 6 working days. Support foreign trade comprehensive service enterprises to centrally handle tax refunds. The third is to continuously optimize the foreign trade business environment. Improve the efficiency of customs clearance of export goods. Research and formulate policies to support the development of overseas warehouses and facilitate cross-border e-commerce returns and exchanges. More convenience will be given to trustworthy enterprises in customs clearance and tax rebates, and acts such as false exports and fraudulent tax rebates will be severely punished in accordance with the law.
The meeting decided to encourage large banks with a relatively high level of provision to reduce the provision coverage ratio in an orderly manner in response to changes in the current situation, and to use monetary policy tools such as RRR cuts in a timely manner, to promote banks to enhance their ability to provide credit, and to further increase financial contributions to the real economy, especially the real economy. The industries seriously affected by the epidemic, as well as small, medium and micro enterprises, and individual industrial and commercial households will be supported to make reasonable profits to the real economy and reduce the comprehensive financing cost of enterprises.
The meeting also studied other matters.