The State Council promotes a number of practical measures to stabilize growth

On January 3, Premier Li Keqiang presided over the executive meeting of the State Council to determine the measures to promote the stable growth of manufacturing industry and the basic plan to stabilize economic development; to deploy and accelerate the transformation and upgrading of service outsourcing, and to promote the structural level of service industry; to better ensure quality and safety and promote industrial development through the regulations on the supervision and administration of cosmetics (Draft). This meeting is also the first executive meeting of the State Council since 2020. The three topics discussed are all related to the development of national economy and the quality of people's life. It is particularly noteworthy that the conference has deployed a series of practical policies and measures to promote the development of the manufacturing industry, such as promoting the reduction of the cost of power consumption in the manufacturing industry and the telecom tariff of enterprises, promoting the inclination of equity investment and bond financing to the manufacturing industry. The executive meeting of the State Council pointed out that the implementation of the spirit of the central economic working conference, to keep the economic operation in a reasonable range, and the manufacturing industry has a fundamental supporting role. We need to use reform and marketization measures to fully stimulate the vitality of market players, enhance the momentum of development, and promote stable growth of the manufacturing industry.

Since the end of 2019, China's manufacturing industry has seen some "signs" of stabilization. For example, the data of China's manufacturing PMI (purchasing manager index) released on December 31, 2019 is 50.2%, which is once again on the boom and bust line after PMI returned to the boom zone of more than 50% in November. In order to maintain the hard won stable momentum of manufacturing industry, it is more important to act at the current policy level. In view of the steady growth of the manufacturing industry, the meeting clearly put the "cost reduction" and "financing assistance" of the manufacturing industry in an extremely important position. In terms of "cost reduction", the meeting made it clear that we should continue to implement tax reduction and fee reduction measures focusing on the manufacturing industry. We will push forward the reduction of the cost of electricity used by manufacturing industries and the telecommunications charges of enterprises, and open all industrial enterprises above Designated Size to participate in electricity market-oriented transactions. In terms of "financing assistance", the meeting pointed out that it is necessary to guide financial institutions to innovate ways to ease the financing difficulties of small and medium-sized enterprises. We will implement differentiated credit policies, encourage more medium-term and long-term loans to the manufacturing industry, and more focus on equity investment and bond financing. The reporter of "daily economic news" noted that during the same period of the executive meeting of the State Council, the state intensively issued a series of powerful policies and measures for the development of manufacturing industry and real economy, which provided "reassurance" for the development of manufacturing industry. For example, on the first day of the new year, a policy conducive to "cost reduction" of the manufacturing industry was officially implemented.

From January 1, the current benchmark feed in tariff mechanism for coal-fired power generation was changed to a market-oriented price mechanism of "benchmark price + fluctuation". According to the guidance issued by the national development and Reform Commission, provinces implementing the "base price + up and down floating" price mechanism will not rise temporarily in 2020, so as to ensure that the average industrial and commercial price will only fall but not rise. At the same time, the central bank announced on January 1 that it would reduce the standard comprehensively from January 6, releasing a total of more than 800 billion yuan of long-term funds. This policy means that the capital cost of commercial banks to support the real economy will be further reduced. In the future, with the continuous development of manufacturing industry, monetary policy may continue to provide reasonable liquidity to promote economic stability and recovery. In addition to focusing on the steady growth of the manufacturing industry, the executive meeting of the State Council also discussed a number of important issues. The meeting identified measures to accelerate the capacity-building of service outsourcing and promote transformation and upgrading. First, we should use information technology to promote "service +", adhere to the principle of inclusiveness and prudence, and support the development of new models such as crowdsourcing, cloud outsourcing, platform subcontracting and new formats such as service-oriented manufacturing. To enhance the competitiveness of pharmaceutical R & D, design, accounting, law and other fields to undertake service outsourcing, and to improve the ability of "receiving orders" and the level of "presentation".

Second, we will deepen the reform of "releasing management services" in the field of service outsourcing. Gradually bring service outsourcing into the "single window" of international trade. We will carry out a pilot bonded supervision on imported materials and parts required for service export in the R & D, design, testing, maintenance and other industries of service outsourcing demonstration cities. Third, we will expand the pilot experience and practice of opening up the service industry to more regions, revise the directory of guidance for key development areas of service outsourcing industry, deepen the opening up of service outsourcing industry, promote the transformation and upgrading to high value-added business, and provide more jobs for young people, especially college students. The meeting also passed the regulations on the supervision and management of cosmetics (Draft), which stipulates the registration and record management of cosmetics products and raw materials according to the risk level, and simplifies the process according to the requirements of both release and management; improve the supervision measures, clarify the main responsibility of enterprises for the quality and safety of cosmetics, increase the illegal punishment, greatly increase the amount of fines, and increase the penalties for relevant responsible persons To promote the development of cosmetics and "beauty industry" with guaranteed quality and safety and loved by consumers.