The State Council issued a document to support the development of individual industrial and commercial households, which will be implemented on November 1- Chinadaily.com.cn

China Daily 2022-10-27 14:35

The State Council recently issued the Regulations on Promoting the Development of Individual Industrial and Commercial Households, which will come into force on November 1, 2022. The “Regulations” will provide comprehensive support for the development of individual industrial and commercial households from various aspects such as finance and taxation, finance, employment, digital development, and intellectual property protection.

The State Council, China’s Cabinet, rolled out a major regulation on Tuesday to promote the country’s 111 million self-employed businesses, which industry experts said will greatly boost confidence and resilience among private smaller businesses over the long term.

The State Council recently issued the Regulations on Promoting the Development of Individual Industrial and Commercial Households, benefiting 111 million individual industrial and commercial households. Industry experts say the Regulations will greatly enhance the confidence and resilience of individual industrial and commercial households in the long run.

According to the regulation that will take effect on next Tuesday, greater supportive policies, including on taxation, finance, employment, digital development and intellectual property protection, will be provided to self-employed households.

The regulation, to be implemented from November 1, states that it will provide comprehensive support policies for individual industrial and commercial households, including taxation, finance, employment, digital development and intellectual property protection.

The regulation also emphasizes the role of self-employed households in driving the market and economy, and stressed that China will unswervingly encourage, support and guide the development of such businesses.

The regulations also pointed out the important role of individual industrial and commercial households in promoting the market and the economy, and emphasized that the state will unswervingly encourage, support and guide the development of the individual economy.

“The new regulation has more detailed and targeted supportive policies, which is of significance in promoting the development of self-employed households,” said Li Zhiqi, vice-chairman of the Beijing Federation of Industry and Commerce.

Li Zhiqi, vice chairman of the Beijing Federation of Industry and Commerce, believes that there are many careful designs in the details of the regulations, which reflect the precise support for individual industrial and commercial households and are of great significance to promoting the development of individual industrial and commercial households.

For instance, the regulation encourages financial institutions to offer financial products and services targeting self-employed households, as well as larger scale coverage of loans, which will help relieve financing difficulties among these individual households, Li said.

Li Zhiqi pointed out that, for example, the regulations encourage financial institutions to provide financial products and services suitable for the development characteristics of individual industrial and commercial households, and expand the scale and coverage of loans for individual industrial and commercial households, which will help ease the financing difficulties of individual industrial and commercial households.

“Such efforts will offer timely support, as self-employed households, which rely on their own means to survive and develop in niche markets, are relatively weak in resisting external risks, especially amid the COVID-19 pandemic,” he added.

Li Zhiqi said that since individual industrial and commercial households often rely on their own efforts to survive and develop in niche markets, their strength is limited and their ability to resist risks is weak, especially under the repeated impact of the epidemic, they need timely assistance.

The latest data from the State Administration for Market Regulation showed that more than 111 million self-employed households were registered nationwide as of the end of September, accounting for two-thirds of the country’s total number of market players. They also were responsible for about 300 million jobs.

According to the latest data from the State Administration for Market Regulation, as of the end of September, there were over 111 million individual industrial and commercial households registered across the country, accounting for two-thirds of the total market players, driving nearly 300 million jobs.

A survey provided by the administration showed that since the beginning of this year, nearly 80 percent of individual households brought in an average monthly operating income of less than 10,000 yuan ($1,389), which can only support basic living standards.

According to a survey by the State Administration for Market Regulation, since the beginning of this year, nearly 80% of individual industrial and commercial households have an average monthly operating income of less than 10,000 yuan and can only maintain a basic life.

Over the past few years, the government has launched a package of policies to support the development of self-employed households. The SAMR rolled out two specialized platforms to improve services for such groups.

Over the past few years, the government has issued a package of policies to support the development of individual industrial and commercial households. The State Administration for Market Regulation has also launched two professional service platforms for individual industrial and commercial households.

English source: China Daily

Translator & Editor: Dany