China encourages PPP in elder care -- China has said it will encourage public-private partnership (PPP) in the senior care industry. Wider use of PPP should introduce more private investment into the elder care industry, according to a document released by the Ministry of Finance, the Ministry of Civil Affairs and the Ministry of Human Resources and Social Security. With this move, elder care services should expand and become more efficient and jobs will be created, the document said.
China implements coordinated control of PM2.5 and O3 -- China will implement a plan to control the country's major air pollutants, PM2.5 and ozone (O3), the Ministry of Environmental Protection (MEP) said on August 22. China's environmental authorities have been undertaking inspections to discover the sources of air pollution, especially in the smog-plagued Beijing-Tianjin-Hebei area.
China to promote financing guarantee for small firms, rural sector -- China will boost financing guarantee services for small and micro businesses and the rural sector, according to rules released by the cabinet on August 21. Financing guarantee companies should offer more services for small and micro businesses and the rural sector at relatively low rates, according to the rules published under a State Council decree signed by Premier Li Keqiang.
China approves restructuring of three state-owned firms -- China's cabinet has approved the restructuring of three state-owned companies, the State-Owned Assets Supervision and Administration Commission (SASAC) said on August 21. Sinolight Corporation and China National Arts & Crafts (Group) Corporation will be merged into China Poly Group Corporation, according to an SASAC statement.
China to deepen VAT tax reform to boost economy -- China will continue value-added tax reform in an attempt to boost the economy through tax cuts. The reform streamlines the tax system, reduces double taxation, and helps innovation and industrial upgrading while boosting employment. It shores up the economy and gives new impetus for the economy to grow at a medium to high rate or higher level, according to the statement.
China releases guideline for standardizing outbound investment -- The National Development and Reform Commission, Ministry of Commerce, People’s Bank of China and Ministry of Foreign Affairs had released a guideline for standardizing outbound investment and promoting sustained, rational, orderly and sound development of outbound investment. With focus on supply-side structural reforms under the Belt and Road initiative, the guideline called for promoting enterprises to make rational and orderly outbound investment, so as to boost the healthy development of outbound investment.
China steps up deleveraging at central SOEs -- China will further reduce leverage at central State-owned enterprises by establishing multiple channels to reduce corporate debts, a State Council executive meeting chaired by Premier Li Keqiang decided on August 23. The meeting decided that the government will establish an alert line mechanism for debt ratios of different overly-leveraged sectors.
China to boost military-civilian integration in sci-tech -- China on August 23 unveiled a five-year plan on promoting integrated military and civilian development in the science and technology sector. A coordinated military-civilian innovation system for the sector should be put in place by 2020, in addition to breakthroughs in mechanisms and exploring cost-efficient patterns, the document said.
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