Weekly policy snapshot of Chinese economy

Xinhua News Agency | Aug 2, 2020 at 2:44 AM

BEIJING, Aug. 2 (Xinhua) -- China's policymakers have rolled out a raft of measures over the past week to shore up the economy and mitigate the impacts of the COVID-19 epidemic.

The following are the latest policies taken during the period:

-- The State Council on Wednesday stressed efforts to further open up and keep foreign trade and investment stable, as well as to facilitate employment and ensure people's livelihood amid epidemic control.

It decided to expand the pilot program on the innovative development of trade in services, and unveil new measures to help migrant workers find jobs or start businesses, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang.

-- China pledges more measures to stabilize foreign trade in the face of weakening global demand and rising protectionism.

The country will provide financing support to foreign trade firms through various means and further expand export credit to micro, small and medium-sized foreign trade companies in a bid to keep them afloat amid the challenging external environment, Gao Feng, spokesperson for the Ministry of Commerce, told a regular press briefing.

-- The country will take a slew of measures to improve the leading role of demonstration bases for mass entrepreneurship and innovation to further stabilize employment and enhance growth impetus.

The country has vowed to develop demonstration bases into important platforms for entrepreneurship and employment, pioneers of integration and innovation, and important nodes for global entrepreneurship, according to a guideline released by the State Council.

The guideline urged efforts to implement relief policies for start-up businesses, and improve services in promoting work and production resumption of start-up and innovation firms, while strengthening financial support for entrepreneurship and innovation.

-- The country will further support flexible employment through multiple channels to stabilize employment, according to a guideline released by the State Council.

The guideline stressed flexible employment, including individual businesses, part-time jobs, and new types of employment, as important ways to boost employment and increase labor income, as well as to broaden new employment channels and nurture new drivers of development.

-- The country's finance ministry as well as its market and securities regulators will issue administrative penalties to the operating entities of Luckin Coffee Inc., two of its affiliates, and third parties assisting its illegal acts after an investigation confirmed that the coffee chain had engaged in financial fraud and false commercial publicity.