(Yicai Global) Sept. 6 -- China has set four main tasks for economic development which can be accomplished by the well-timed use of reserve requirement ratio cuts and other tools, according to the vice chairman of the country's top economic planning agency.
The four tasks are enhancing counter-cyclical adjustments, keeping economic progress within a reasonable range, increasing household consumption and safe investments by citizens, promoting high-quality development while building a modern economic system and optimizing the business environment, China News Service reported today, citing the National Development and Reform Commission's Ning Jizhe.
China will maintain a sound monetary policy, encourage measures to lower interest rates and use tools such as well-timed general and targeted RRR cuts to increase financial support for the real economy, especially micro and small companies, Ning is reported to have said at the China Development Forum in Beijing today.
It will continue to implement tax and fee reduction policies on a large scale and speed up the release of local government special bonds, he added. It will issue the full quota of this year's bonds before the end of September and distribute next year's quota early.
The government will continue to prioritize employment, emphasizing jobs for and entrepreneurship among college graduates and migrant workers. It will expand vocational college enrollment by one million this year and use CNY100 billion (USD14 billion) from the unemployment social security fund for vocational training.
China will boost the production and supply of farm produce such as pork, fruits and vegetables and maintain overall price stability, said Ning, commenting on the recent surge in pork prices.
The government will actively support the deployment of fifth-generation mobile networks, speed up 5G for commercial use and strengthen the development of artificial intelligence, the industrial internet, the Internet of Things and other new types of infrastructure. It will create a fair and competitive market environment for all types of companies from home and abroad, he added.