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Weekly policy snapshot of Chinese economy

Updated: Dec 27,2020 17:14    Xinhua

BEIJING — China's policymakers have rolled out a raft of measures over the past week to boost economic growth and enhance opening-up.

The following are the latest policies taken during the period:

— China will continue with two credit policy tools to provide financial support to small and micro-sized companies next year, according to a State Council meeting on Dec 21. 

China will continue with the policy, which allows small and micro-sized businesses to postpone principal and interest repayments on inclusive loans in the first quarter of next year, and will extend the policy period as appropriate, according to the meeting presided over by Premier Li Keqiang.

Incentives will be put in place for local banks that provide inclusive loans for micro and small enterprises with a deferred repayment period of no less than six months. The incentives will remain at 1 percent of the loan principal.

The inclusive credit loan support program, the other policy instrument, will be extended from the end of this year as appropriate to help small businesses stabilize their operations, the meeting said.

— China will adjust import tariffs on a range of products starting Jan 1, 2021 to support fostering the new development paradigm and promoting high-quality development, according to the Customs Tariff Commission of the State Council.

Provisional import tariffs that are lower than the most-favored-nation (MFN) rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas, the commission said in a circular released on Dec 23. 

It will also adjust provisional import tariff rates implemented in 2020 considering changes in domestic industrial development and supply-demand situations.

— China will take multiple measures to expand the opening-up of its futures market, the top securities regulator said Dec 25. 

The country will expand the scope of specific futures varieties, enhance the participation of overseas traders and support overseas financial institutions with good global reputation and business performance to hold a stake in or control domestic futures firms, Gao Li, spokesperson with the China Securities Regulatory Commission, told a press briefing.

The commission will also support qualified domestic futures firms to set up, acquire or hold a stake in overseas futures operators, Gao said.