Measures to Address Cut-throat Competition and Policies to Stabilize Economy Will Be Implemented Before Month-end of June! A Comprehensive Guide to the NDRC Press Conference

The National Development and Reform Commission (NDRC) held a press conference at 10 a.m. today to discuss developments in May.

NDRC: Most policies to stabilize employment and the economy will be implemented by the end of June

At the conference, Li Chao, spokesperson for the NDRC, stated that on the basis of accelerating the implementation of existing policies, the NDRC, in collaboration with relevant departments, has expedited the introduction of a series of measures to stabilize employment, stabilize the economy, and promote high-quality development. Relevant departments are currently working diligently to implement these measures, with most policy initiatives scheduled to be in place by the end of June. Meanwhile, the NDRC will continue to strengthen policy pre-research and reserves on a regular and open-ended basis, continuously improving the policy toolkit for stabilizing employment and the economy to ensure timely implementation when needed.

Systematic planning of 53 supporting measures across 7 areas to facilitate the effective implementation of the Private Economy Promotion Law

Li Chao stated that the Private Economy Promotion Law officially came into effect today, marking a significant milestone in the construction of the socialist market economy and a landmark event in the development history of China's private economy. The NDRC will promote the implementation of the law in three aspects: first, comprehensively carrying out legal publicity activities; second, accelerating the effective implementation of supporting policies and measures; and third, collaborating with relevant departments and localities to effectively address the concerns and issues of private enterprises. In terms of formulating supporting policies, the NDRC, in collaboration with relevant departments, has systematically planned 53 policy initiatives across 7 areas. Relevant policy initiatives have been gradually introduced and implemented. For example, opinions on improving the social credit system, actions to clean up and rectify market access barriers, etc. Subsequently, the NDRC will also establish detailed ledgers to promote the introduction and implementation of relevant policy initiatives one by one. In addressing the concerns of private enterprises, it is necessary to make good use of relevant policies such as new local government special bonds, strengthen punishment for dishonesty, and accelerate the progress of clearing overdue payments to private enterprises.

Strive to issue the complete list of "two major" construction projects for this year by the end of June

Li Chao stated that the NDRC aims to issue the complete list of "two major" construction projects for this year by the end of June, ensuring high standards in organization and implementation.

High-end manufacturing, digital economy, etc., will be fully reflected in the new edition of the Catalogue of Industries Encouraged for Foreign Investment

Li Chao stated that the work of revising and expanding the Catalogue of Industries Encouraged for Foreign Investment has completed the public consultation phase and is currently being revised and improved based on feedback from all sectors of society. Areas of concern such as high-end manufacturing, the digital economy, etc., will be fully reflected in the new edition of the Catalogue of Industries Encouraged for Foreign Investment.

Cut-throat competition distorts market mechanisms and disrupts fair competition order, necessitating rectification

Li Chao stated that rectifying cut-throat competition is a matter of great concern to all. Currently, China's economy is in a period of replacing old growth drivers with new ones, with new industries, new business forms, and new models continuously emerging. Currently, traditional industries are accelerating their transformation and upgrading. During this process, some industries have encountered structural issues, breaching the boundaries and bottom lines of market competition, distorting market mechanisms, and disrupting the order of fair competition, which must be addressed.

China will always welcome and remain a fertile ground for foreign-funded enterprises to invest and operate. We call on relevant countries to return to the right path of multilateralism and free trade as soon as possible.

Li Chao stated that, influenced by measures such as the US's indiscriminate imposition of tariffs, the uncertainty of global cross-border investment has risen significantly, affecting the investment decisions of many multinational enterprises. I would like to emphasize that a stable, transparent, and predictable macro policy environment is an important prerequisite for enterprises to enhance their investment and operational efficiency. Over the past 40 years, China has unwaveringly advanced reform and opening up, remaining an ideal, safe, and promising investment destination for foreign-funded enterprises. Currently, some countries are pursuing unilateralist and protectionist measures, forcing enterprises to choose sides and make choices that are inconsistent with economic laws, causing great disruptions to the normal operations of multinational enterprises. China will always welcome and remain a fertile ground for foreign-funded enterprises to invest and operate. We also call on relevant countries to return to the right path of multilateralism and free trade as soon as possible, jointly injecting certainty into the development of the global economy.

We will crack down hard on "black flight" activities, such as pilots flying without licenses, low-altitude aircraft not obtaining airworthiness certificates, and flight activities not being approved.

Li Chao stated that the potential risks and hazards of low-altitude flights cannot be overlooked, and safety is the primary prerequisite for the development of the low-altitude economy. The National Development and Reform Commission (NDRC) will work with relevant departments to expand the application scenarios of the low-altitude economy in an orderly and classified manner, following the principles of "cargo first, then passengers; isolation first, then integration; suburbs first, then urban areas," while strictly controlling risks and ensuring safety. We will steadily promote the development of low-altitude consumption, such as low-altitude tourism, aviation sports, and consumer drones. We will crack down hard on "black flight" activities, such as pilots flying without licenses, low-altitude aircraft not obtaining airworthiness certificates, and flight activities not being approved, guiding and promoting the rational layout and orderly expansion of the low-altitude industry.

We will expedite the introduction of policies to strengthen the implementation of loan interest subsidies for equipment renewal.

Li Chao stated that the NDRC will work with the Ministry of Finance to accelerate the allocation of funds for the trade-in of consumer goods, promptly complete the settlement of funds for the trade-in of consumer goods in 2024, and allocate subsequent funding quotas. At the same time, we will improve the efficiency of fund utilization, establish a mechanism for the direct and rapid allocation of ultra-long-term special treasury bond funds, expedite the introduction of policies to strengthen the implementation of loan interest subsidies for equipment renewal, and reduce the financing costs for various business entities to update their equipment. We will also urge relevant departments to further simplify the application process for subsidies, clarify the time limits for review and disbursement, implement the fund operation system, enhance the consumer experience, and alleviate the capital pressure on business entities.

Conduct in-depth research on incremental and reserve policies in the "two new" areas, and launch them after timely approval in accordance with procedures.

Li Chao stated that the National Development and Reform Commission (NDRC) will strengthen policy reserves for the "two new" initiatives (trade-in of consumer goods and large-scale equipment upgrades), promptly track and evaluate the progress of various tasks, conduct in-depth research on incremental and reserve policies in the "two new" areas, and launch them after timely approval in accordance with procedures.

The scale of the AI terminal industry is expected to experience a "wave-like" growth.

At a press conference, Li Chao said that in recent years, the NDRC, in collaboration with relevant departments, has jointly promoted the "AI+" initiative, continuously improving the policy system, increasing support, and fully advancing the empowerment of various industries through AI. A favorable atmosphere for jointly promoting "AI+" has initially taken shape across society. Firstly, the process of large-scale application in key industries has significantly accelerated. Secondly, the cost-reducing and efficiency-enhancing effects of "AI+" are gradually becoming apparent. Thirdly, characteristic demonstration applications are being explored in line with local conditions. We collaborate with industry departments to provide classified and industry-specific guidance, identifying the driving forces of "AI+" in line with local conditions. Fourthly, new AI terminal products and scenarios are emerging in competition. Lightweight deployment of domestic large models on smartphones has expanded their functions, and intelligent wearable products such as AI glasses continue to emerge. The scale of the AI terminal industry is expected to experience a "wave-like" growth.