China will take targeted measures to enhance the effectiveness of its comprehensive reform endeavors and strive for new achievements going forward, said an official of the State Council.
The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held on July 15-18.
The overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance, according to the plenary session's communique.
Huang Shouhong, director of the Research Office of the State Council, said these objectives reflect the strategic arrangements made at the 20th National Congress of the CPC, focus on the theme of Chinese modernization, and showcase the Party's resolve to implement the successful experience accumulated in reforms with a focus on its central tasks. They also contribute to the enrichment and development of the overall reform objectives laid out at the third plenary session of the 18th CPC Central Committee.
The resolution says China will in particular focus on achieving seven objectives: building a high-standard socialist market economy; advancing whole-process people's democracy; developing a strong socialist culture in China; improving the people's quality of life; building a Beautiful China; advancing the Peaceful China Initiative to a higher level; and improving the Party's capacity for leadership and long-term governance.
Huang said China has confidence in realizing these objectives as the country has notable advantages in its political and institutional systems, rich experience, strong material foundation, and wide support from the people.
He said the country will make an all-out effort to seek more positive results by deepening reform.
"Guided by the overall objectives of further deepening reform comprehensively, we will continue to make reform more systematic, integrated and coordinated, and pursue new results in reform. It is necessary to gain a better understanding of the strategic focuses, priorities, main directions, working mechanisms and ways of implementation, better formulate and coordinate the implementation of reform measures in various fields and directions, and make precise, coordinated and sustained efforts to form synergy and enhance the overall effectiveness of reform endeavors," said Huang.
China to pursue more positive results from comprehensive reform: official
China to pursue more positive results from comprehensive reform: official
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
