BEIJING — China will ease and tighten its prudent monetary policy to the right degree, according to a government work report.
China will use flexibly a variety of monetary policy instruments to effectively mitigate difficulties faced in the real economy, especially by private enterprises and small and micro businesses, a government work report read
Premier Li Keqiang delivered the report on Tuesday morning at the annual session of the National People's Congress, the top legislature.
China will use flexibly a variety of monetary policy instruments to effectively mitigate difficulties faced in the real economy, especially by private enterprises and small and micro businesses, the report read.
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The country will improve the exchange rate mechanism and keep the RMB exchange rate generally stable and at an adaptive and balanced level, according to the report.
Infrastructure investment
China will expand effective investment, accelerating the implementation of a number of key projects, according to the work report.
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Li said 800 billion yuan (US$119 billion) will be invested in railway construction, 1.8 trillion yuan in road construction and waterway projects. Work will start on a number of major water conservancy projects and the planning and construction of the Sichuan-Tibet Railway will be sped up.
Other infrastructure mentioned in the report include intercity transportation, logistics, utilities, disaster prevention and mitigation, and civil and general aviation, and next-generation information infrastructure.
Li said 577.6 billion yuan is included in the central government budget for related investment this year, an increase of 40 billion yuan from last year.
China will explore new forms of project financing, lower as appropriate capital contribution requirements for infrastructure projects, make good use of developmental financial instruments, and attract more private capital into projects in key areas, Li said.
Foreign investment
According to the report, China will do more to attract foreign investment in 2019.
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The country will further relax controls over market access, shorten the negative list for foreign investment, and permit wholly foreign funded enterprises to operate in more sectors, the report read.
"We will strengthen efforts to protect foreign investors' legitimate rights and interests," reads the report.
Intellectual property protection
China will also strengthen intellectual property (IP) protection across the board, improve the system of punitive compensation for IP infringements, and promote invention and creation and their industrial application, the government work report read.
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