Govt policy moves on financial services, port trade

Firms get finance access

China will help private and small businesses get better access to financial services, a State Council executive meeting chaired by Premier Li Keqiang decided on Oct 22.

Policies will be rolled out to help the stable and healthy development of private businesses, according to a statement released after the meeting.

More support will be ushered to small and micro-sized financial institutions, including expanded support in reloans and rediscounts, the statement said.

The government will also promote the bond issuances of private businesses to help solve funding problems.

The central bank will provide initial funding support to professional institutions, which are entitled to provide credit enhancement to private businesses that face liquidity problems.

The professional institutions, which will run the bonds in line with market principles, will be required to take measures against financial risks.

Commercial banks and insurance companies will be encouraged to take part in the bond issuance when conditions are met, so that a risk-sharing mechanism can be established.

It was also decided at the meeting that an Internet Plus supervision system will be established to step up oversight of regional governments and departments as they assume functions of supervision.

The system, which will be based on the national administrative service platform, is also aimed at detecting and preventing risks that span multiple sectors and regions. The system will be unveiled in September 2019 together with the national administrative service platform, the statement said.

Bigger role for port trade

China will further refine the business environment at its ports and boost cross-border trade, according to a work plan issued by the State Council on Oct 19.

The plan, which includes measures such as streamlined paperwork for imports, exports and shortened time for customs clearance, is aimed at promoting efficient trade facilitation and maintaining stable and healthy growth of foreign trade.

According to the plan, the number of documents required for imports and exports will be cut to 48 from the current 86 starting from November.

By the end of 2020, the government will ensure that all certificates required for customs clearance can be applied for online.

One-stop services will be further promoted so that they can cover 80 percent of administrative services related to international trade by the end of this year and 100 percent of services by the end of 2020.

The time required for customs clearance will be cut by half by the end of 2021 compared with level in 2017.

The costs for custom clearance will also be reduced as authorities are required to make public a list of fees charged at ports before the end of this month. No additional fees can be levied in export and import procedures without approval from the State Council, the plan said.

Fire rescue team boosted

The fire services and armed forestry police will become part of the national firefighting rescue team, according to a plan released on Oct 18.

The plan, released by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, will improve disaster prevention and rescue capacity.

The fire service, previously a police unit, will be transformed into a fire and rescue service that will be governed by the Ministry of Emergency Management, according to the plan.

The plan said that the forces and resources of emergency rescue should be optimized and integrated to give full play to the team’s role as the main force and national team in emergency rescue.

The country will establish an honor system for the fire and rescue services, including special badges, flags and uniforms. A system of awards and decorations will also be established, according to the plan.