Weekly policy snapshot of Chinese economy

Source: Xinhua| 2019-10-20 13:28:09|Editor: huaxia
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BEIJING, Oct. 20 (Xinhua) -- The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:

-- China to improve agricultural insurance system

China will improve its agricultural insurance system with expanded coverage and functions to allow it to better serve farmers, an official circular has said.

By 2022, the coverage of insurance on the planting of rice, wheat and corn should reach over 70 percent, according to the circular jointly issued by the Ministry of Finance, Ministry of Agriculture and Rural Affairs, China Banking and Insurance Regulatory Commission and the National Forestry and Grassland Administration.

-- China to encourage capital to flow into poverty-stricken areas

Zhao Zhengping, vice chairman of the China Securities Regulatory Commission, said at a forum Monday that the country will encourage funds, talents and technologies from developed areas to flow into poor areas with market approaches, such as public offerings, mergers and acquisitions, to promote poverty alleviation.

-- China further opens up insurance, banking sectors to foreign investors

Revisions to the regulations on foreign-invested insurance and banking firms have been authorized by the State Council, a statement said Tuesday.

The revisions include improving the supervision of foreign banks' local branches and lifting previous restrictions on company establishment, shareholder status and business expansion.

-- China to step up support for companies in marine industry

The Ministry of Natural Resources signed a strategic cooperation framework agreement with Shenzhen Stock Exchange Tuesday, in a bid to boost the high-quality development of the marine economy.

The agreement will promote further cooperation in various fields, such as market service, the supply of innovative products and information exchange for relevant enterprises, said the stock exchange.

-- China to further alleviate burdens on companies

The State Council, China's cabinet, on Wednesday called for enhanced efforts to further alleviate burdens on companies to increase momentum of development.

The policies of cutting tax and fees should be implemented carefully, and efforts should be made to solve difficulties for enterprises, to ensure that tax on manufacturing industry and other major industries will drop significantly, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang.