hi everyone. i’m stephanie li.
coming up on today’s program.
china rolls out measures to support small firms and export sector, as top leaders vow to stick to zero-covid policy;
ministry of transport pledged to ease logistics bottlenecks along transport infrastructure.
here’s what you need to know about china in the past 24 hours
china mapped out a slew of measures to relieve difficulties for micro enterprises and individual businesses, as well as help export companies to cope with challenges, officials said at a state council executive meeting on thursday, while authorities also vowed to stick to the zero-covid policy during another top-level meeting held on the same day.
at the state council meeting held on thursday chaired by chinese premier li keqiang, officials stressed that medium, small, micro enterprises and individual businesses are an important foundation for stabilizing the economy and the backbone for stabilizing employment. at a time when market entities are facing increasing difficulties, china should increasingly strengthen the support provided to them.
the country will work to ensure the prompt implementation of supportive measures such as tax refunds and reductions and fee cuts, the deferred payment of social insurance, smooth logistics and aid for businesses to resume full-capacity operations, according to the meeting.
in particular, the meeting stressed that the overpaid value-added tax credits should be returned to micro enterprises and individual businesses before june 30. tax reimbursement for qualified medium enterprises should also be completed before this time, if possible.
additionally, china will increase financial support for smaller companies by asking large state-owned banks to add over 1.6 trillion yuan of inclusive loans for msmes. banks should renew loans, extend and adjust repayment arrangements, and waive default interest for msmes and self-employed households as appropriate, and their credit records will not be affected.
furthermore, the meeting also specified steps to stabilize foreign trade amid efforts to smoothen industrial and supply chains.
china’s ministry of transport vowed on thursday that it will encourage investment in transport infrastructure construction, ensuring unimpeded logistics and helping solve the problems of enterprises to maintain a stable economy, as the latest outbreak of covid-19 in china and the ukraine crisis brought challenges to the country's economy.
the guangzhou government put up 18 plots for auction thursday in its first batch of land sales this year. seventeen of the plots were successfully sold for a total of 34.1 billion yuan. ten state-backed developers took up 15 out of the residential land plots, accounting for 95 percent of the total transaction value, with the biggest winner guangzhou metro purchasing four plots for 16.5 billion yuan. two private companies bought two plots.
the 2022 asian games, due to take place in hangzhou in september, have been postponed indefinitely due to the pandemic situation in china, organisers decided on friday. the new dates will be announced at a later stage. meantime, the chengdu 2021 world university games has also been postponed until 2023, the international university sports federation (fisu) announced today.
next on industry and company news
hikvision digital technology's stock price tanked by the daily limit after a media report claimed the us government is preparing to impose sanctions on the chinese video surveillance firm. the hangzhou-based firm responded to the matter thursday that the possible sanctions needed to be verified, adding that any sanction must be based on reliable evidence and due procedure while hikvision is hoping to be treated fairly and equally.
canadian athletic apparel retailer lululemon on thursday apologized for selling down feather vest that didn’t meet the national standard via its official social media account, after the company was fined 81,420 yuan by the beijing market regulator for selling defective products. in addition to the fine, 23,431.05 yuan worth of illegal income and other illegal merchandise was confiscated.
sales of vehicles produced by chinese tech giant huawei technologies and its electric car-making partner sokon automobile soared 13 times to reach 22,752 in the january to april period from a year earlier, the chongqing-based sokon auto said on wednesday.
wrapping up with a quick look at the stock market
china’s stock markets closed down with the yuan hitting a 18-month low on friday. the benchmark shanghai composite dropped 2.16 percent, and the shenzhen component shed 2.14 percent. stocks fell across the board, with real estate developers, hotel and tourism stocks leading the fall. the hang seng index was down 3.81 percent in the close, with the tech index tumbling over 5 percent.
biz word of the day
inclusive small and micro loans are a type of credit business, specifically referring to small and micro enterprise loans with a single-account credit of 10 million yuan or less.
executive editor: sonia yu
editor: li yanxia
host: stephanie li
writer: stephanie li, zhang ran, chen zihui, xie kaishan
sound editor: zhang ran, chen zihui
graphic designer: zheng wenjing, liao yuanni
co-produced by 21st century business herald dept. of overseas news & sfc audio/video dept.
presented by sfc
21世纪经济报道海外部 南财音视频部 联合制作