Premier Li Keqiang presided over a State Council executive meeting on Sept 16, focusing on third-party reviews of ongoing reforms, new platforms and modes to promote popular entrepreneurship and innovation and upgrade industries and subsidy systems for the disabled.
The meeting discussed third-party reviews which assessed the implementation of streamlining administration and delegating powers to lower-level governments, supporting small and micro businesses, financial support for the real economy and regional coordinated development and decided to further implement reforms which have been effective in boosting the economy and stimulating enterprises.
To promote innovation, Internet platforms should be developed to provide open and shared services, attracting resources and people to take part. Reform of State-owned enterprises can be integrated with the reform of popular entrepreneurship and innovation by applying the mode of crowd sourcing to obtain innovative ideas in designing, researching, manufacturing, operation and maintenance.
To support entrepreneurship, government, public organizations, enterprises and individuals will play important roles in helping small and micro businesses and startups. Crowd funding can serve as a new channel to promote financing for entrepreneurship and innovation. Domestic enterprises are encouraged to carry out cooperation with foreign investment, utilizing international resources, talents, and management experiences.
The meeting decided to implement preferential tax policies to upgrade industries and develop China’s manufacturing by expanding the range of the accelerated depreciation policy. Textiles, machinery, automobile and light industries will be covered under the accelerated depreciation policy. It is estimated that this year will see a 5 billion yuan ($785 million) tax reduction by applying the preferential tax policy.
The meeting also planned to provide subsidies for disabled people who live in poverty or suffer severe disability by increasing financial support and integrating disabled care with social aid, insurance and charity.