business

Weekly policy snapshot of Chinese economy

BEIJING, Dec. 20 (Xinhua) — China’s policymakers have rolled out a raft of measures over the past week to boost sustainable growth and enhance opening up.

The following are the latest policies taken during the period:

— China will take more measures to improve government services and facilitate the financing by small and medium-sized enterprises, the State Council’s executive meeting decided on Monday.

The country will optimize the government service hotlines to meet the needs of companies and the public, according to the meeting.

— Chinese authorities have urged efforts to extend financial support to major foreign-funded firms to lower their fund-raising costs and help them weather the COVID-19 economic fallout.

Major foreign-funded companies should get equal access to some financing programs as their Chinese counterparts, according to a circular released jointly by the Ministry of Commerce and the China Banking and Insurance Regulatory Commission.

— China will implement its national standard on recycling iron and steel materials on Jan. 1 next year, said the China Iron and Steel Industry Association Thursday.

The standard specifies the definition, classification, technical requirements, inspection methods and acceptance rules for recycling iron and steel materials.

— China has released the Roadmap for the Application and Implementation of the Global Legal Entity Identifier (2020-2022), the central bank said.

The move was made to promote the application and implementation of the global Legal Entity Identifier (LEI) in China, align with the high-standard international system of market rules, support the high-level financial opening up and facilitate cross-border trade and financial transactions.

— Chinese authorities on Saturday released rules on foreign investment security review to safeguard national security while spurring foreign investment.

The rules, jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOC), specified provisions concerning the security review mechanism on foreign investment, including the types of investments subject to review, review scopes, and procedures, among others.

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