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Li Keqiang: increase the intensity of tax reduction and fee reduction, strengthen financial support to help enterprises tide over the difficulties and do everything possible to stabilize and expand employment
May 22,2020
The content below was translated by Tencent automatically for reference.

The third session of the National people's Congress (NPC) opened at 09:13 on May 22, 2020 at the Great Hall of the people in Beijing. Premier Li Keqiang of the State Council delivered a report on the work of the government.

Li Keqiang said: to protect employment and people's livelihood, we must stabilize hundreds of millions of market players and try our best to help enterprises, especially small and medium-sized enterprises and individual industrial and commercial households, tide over the difficulties.

More efforts will be made to reduce taxes and fees this year. Strengthen phased policies, combined with institutional arrangements, release water for fish culture, and help the main body of the market to alleviate the difficulties and development. This year, we will continue to reduce the rate of value-added tax and the rate of enterprise old-age insurance, with an additional tax reduction of about 500 billion yuan. Earlier, we introduced policies to reduce taxes and fees due before June, including exemption from pension, unemployment and industrial injury insurance units of small and medium-sized enterprises, reduction of value-added tax for small-scale taxpayers, exemption of value-added tax for public transport, catering and accommodation, tourism and entertainment, culture and sports, and reduction of civil aviation development funds and port construction fees, and the implementation period was all extended to the end of this year. The payment of income tax for small and micro enterprises and individual industrial and commercial households will be postponed until next year. It is expected to reduce the burden on enterprises by more than 2.5 trillion yuan for the whole year. We must resolutely put the policy of reducing taxes and fees to enterprises, stay in Qingshan, and win the future.

We will promote the reduction of production and operating costs of enterprises. The policy of reducing industrial and commercial electricity prices by 5% will be extended until the end of this year. The average charges for broadband and dedicated lines have been reduced by 15%. Reduce or reduce the rent of state-owned property, encourage all kinds of landlords to reduce or postpone the collection of rent, and give policy support. We will resolutely crack down on illegal charges related to enterprises. Strengthen financial support for stable enterprises. The policy of delaying principal and interest repayment of loans for small and medium-sized enterprises will be further extended to the end of March next year. Loans for inclusive small and micro enterprises should be extended as much as possible, and loans for other enterprises in difficulty should be extended through negotiation. Banks are encouraged to substantially increase credit loans for small and micro enterprises, first loans, and loan renewal without principal repayment. We will greatly expand the coverage of government financing guarantees and significantly reduce fees. The loan growth rate of inclusive small and micro enterprises in large commercial banks is higher than 40%. Support enterprises to expand bond financing. Strengthen supervision to prevent funds from "idling" arbitrage. Financial institutions and loan enterprises are symbiotic and co-prosperous, and banks are encouraged to reasonably yield profits. In order to protect the main body of the market, the availability of loans for small and medium-sized enterprises must be significantly improved, and comprehensive financing costs must be significantly reduced.

Do everything possible to stabilize and expand employment. We will strengthen employment support for key industries and key groups. This year, the number of college graduates has reached 8.74 million. In order to promote market-oriented and socialized employment, universities and territorial governments should provide continuous employment services. We will do a good job in ensuring the employment of ex-servicemen. We will implement the policy of equal access to employment services for migrant workers in their places of employment. Help disabled people, families with zero employment and other difficult groups to obtain employment. There are hundreds of millions of flexible employees in China, including odd workers. This year, the policy of voluntary postponement of social security premiums has been implemented for low-income workers, and administrative fees related to employment have all been abolished. Subsidized to train and stabilize posts, more than 35 million people have been trained in vocational skills this year and next year, and higher vocational colleges have expanded their enrollment by 2 million people, so that more workers can acquire skills and obtain good employment.

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