Weekly policy snapshot of Chinese economy

Xinhua News Agency | Aug 25, 2019 at 2:46 AM

BEIJING, Aug. 25 (Xinhua) -- The following are the key moves taken by policymakers in the past week to enhance China's economic strength and sustainability:

-- Reforms to further ease market access in pilot free trade zones

China's State Council decided Wednesday to further ease market access by promoting separation of permits from business licenses in pilot free trade zones (FTZ).

Starting Dec. 1, the country will carry out trial programs of separating operation permits from business licenses in all pilot FTZs. The move, in a bid to level the playing field for all market entities, is conducive to improvements of the business environment, the statement said.

-- FinTech development plan

China has recently issued a plan on the development of FinTech in three years to fully deploy FinTech and promote high-quality development in the financial sector, said the People's Bank of China Thursday.

According to the plan, the country will construct the framework of FinTech development, further boost the applications of FinTech, and realize the deep integration and coordinated development of technology and finance by 2021.

-- New urban rail projects approved in SW city

China's top economic planner Wednesday approved a plan to expand urban rail in Chengdu, capital of southwest China's Sichuan Province, involving about 177 km of new urban rail.

Chengdu will have 692 km of urban rail after the completion of eight projects by 2024, according to the National Development and Reform Commission. The total investment will be 131.83 billion yuan (18.66 billion U.S. dollars).

-- Better service for raw material firms

China has cut red tape to boost healthy growth of enterprises in the raw material sector, according to the Ministry of Industry and Information Technology (MIIT) Thursday.

The MIIT has abolished 33 regulations on market access requirements for raw material enterprises, including yellow phosphorus, hydrogen fluoride and tungsten, according to an MIIT statement.

This is in line with the central government's efforts to streamline administration, delegate power to lower levels and improve regulations and services to optimize the country's business environment, it said.