NDRC: China’s economy in 2019 to run within reasonable range
China will ensure its economy next year runs within a reasonable range, the National Development and Reform Commission (NDRC) said Tuesday at a press conference to explain measures laid out during the Central Economic Work Conference for 2019.
China will strengthen counter-cyclical measures, continue to implement positive fiscal policy and prudent monetary policy, and introduce larger tax cuts for private and small businesses to make a good start of economic development in the first quarter, NDRC said.
The country's top economic planner will establish a mechanism for controlling risks in corporate debt, move forward with debt-to-equity swaps in a market-based way and ensure funding for infrastructure under construction.
It will promote the development of clean energy and other green industries. Water pollution treatment will also be covered across the board.
A batch of national industrial innovation centers is in pipeline. It will roll out measures to keep consumption in hot products like vehicles and household appliances, and stimulate consumption in new areas such as information, tourism and sports.
The central planner will scrap regulations and practices hindering fair market competition to reduce supply and logistics costs for enterprises.
It will implement a new negative list for market access nationwide. The economic planner will expand pilot areas of mixed-ownership reform, and build up efforts in mixed-ownership reform of state-owned enterprises (SOEs). Over 100 SOEs will be added to the previous three batches of 50 pilot SOEs.
It will also deepen reforms in electricity and oil sectors, investment and financing system, as well as pricing system.
China will press ahead with the implementation of development plans for Xiongan New Area, Yangtze River Delta Area and the Guangdong-Hong Kong-Macao Greater Bay Area, the NDRC said.