China to Ease Regulations to Achieve Annual Economic Goals

Prime Minister Li Keqiang Focuses on Attracting Foreign Companies and Capital Through Local Government Financial Support
Improving Various Permits and Regulations to Encourage Corporate and Private Entrepreneurship

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese government has decided to further ease various licensing regulations to achieve its annual economic targets.

It also plans to support local governments' finances to boost economic growth. The funds invested are expected to be used for attracting foreign companies and investments.

According to the state-run People's Daily and Xinhua News Agency on the 22nd, Chinese Premier Li Keqiang held a State Council executive meeting the previous day and emphasized the need to ease various regulations that may arise during the process of companies launching new businesses to maximize the effectiveness of fiscal policies.

To this end, the licensing-related systems will be improved more swiftly to make it easier for companies and the private sector to start businesses.

At the meeting, it was judged that the fiscal funds invested so far have been helpful to economic growth, and the possibility of additional support was also left open.

[Image source=Yonhap News]

People's Daily and Xinhua News Agency explained that 1.57 trillion yuan (approximately 267.8891 trillion KRW) was transferred to local governments this year. This fund was reportedly used for employment and basic living security.

Xinhua News Agency added that the central government's financial support created 9 million new jobs in urban areas.

In particular, at this meeting, it was decided to improve the efficiency of fiscal fund usage to achieve this year's economic development goals. The directive was to enable immediate deployment of fiscal funds and ensure that the effects appear promptly.

Additionally, management and accountability for the immediately deployed fiscal funds will be strengthened.

Along with this, monitoring will be enhanced through inter-ministerial cooperation to prevent overlapping investments.

The Chinese government's emphasis on the importance of such fiscal fund investment is interpreted as a strong will to achieve this year's economic goals.

While the economies of major cities such as Beijing and Shanghai have recovered to levels seen in previous years, the reality is that some regions, such as northeastern China, have yet to meet expectations economically.

It is also reported that the attraction of foreign companies and inflow of overseas investment in some regions are below expectations.

There are openly circulating reports that these regions are appealing to foreign companies to attract businesses and investment funds.

A source in Beijing said, "China's economy is expected to grow in the 2% range this year, but apart from major cities, some regions such as the northeast have yet to show clear results," adding, "It seems that policies such as local financial support were prepared to encourage certain regions to achieve economic targets."

This content was produced with the assistance of AI translation services.