Some Specific Policies Mentioned by the 3rd Plenum Resolution
Hi, everyone,
I would like to share with you my notes of some of the specific policies that mentioned by the Resolution of the 3rd Plenum of the 20th CPC Central Committee. Actually, there are still many I did not put into my list. So just for your reference.
I just copied the words in the Resolution, so you can easily find its origin by copy and search.
State capital will be steered toward major industries and key fields that are vital to national security and serve as the lifeblood of the national economy, toward sectors such as public services, emergency response, and public welfare, which concern our country’s prosperity and our people’s wellbeing, and toward forward-looking and strategic emerging industries.
The institutional framework under which SOEs pursue original innovation will be improved.
We will establish a system to assess SOEs’ performance in fulfilling their strategic missions, refine the category-based SOE evaluation system, and introduce value-added accounting in the state-owned sector.
While promoting independent operation of natural monopoly businesses in sectors such as energy, railway, telecommunications, water conservancy, and public utilities, we will advance market-oriented reforms in the competitive areas of these sectors and improve regulatory institutions and mechanisms.
We will formulate a private sector promotion law.
We will do more to remove barriers to market access, work to see that the competitive areas of infrastructure are open to market entities in a fair manner, and improve the long-term mechanism by which private enterprises participate in major national projects.
We will support capable private enterprises in leading national initiatives to make breakthroughs in major technologies and provide private enterprises with greater access to major national scientific research infrastructure.
We will refine financing support policies and systems for private enterprises to resolve the difficulties they face in accessing affordable financing.
We will establish sound, unified, and well-regulated public resource trading platforms that facilitate information sharing.
We will develop a unified market for urban and rural land designated for construction.
foster an integrated national market for technology and data.
build a unified national electricity market.
actively promote the debut economy.
explore the establishment of a bankruptcy system for individual persons
We will encourage and regulate the development of angel investment, venture capital, and private equity investment, better leverage the role of government investment funds, and work to promote the development of patient capital.
introduce new systems and rules on the arbitration of marine affairs
We will develop China’s strategic hinterland and ensure backup plans for key industries.
encourage first-rate foreign universities of science and engineering to develop partner schools and programs in China.
encourage the establishment of international science and technology organizations in China
raise the share of total science and technology expenditure that goes toward basic research
We will set up a reserve fund system for corporate R&D
To encourage sci-tech SMEs to boost their R&D spending, we will raise the rate of additional tax deductions for their R&D expenses.
We will encourage and guide higher education institutions and research institutes in authorizing the use of their proprietary scientific and technological advances by micro, small, and medium enterprises on a “use first, pay later” basis.
We will expand application of the contract system for government-funded research projects and grant scientists a greater say in deciding on technology roadmaps, spending funds, and allocating resources.
We will establish a mechanism for adopting non-consensus projects based on real-name recommendations by experts.
Public institutions engaged in scientific research will be allowed to implement a more flexible management system as compared to general public institutions, so that they can explore approaches to instituting corporate management.
Scientists and engineers will have a greater say in the distribution of gains from the transfer of their scientific and technological advances.
We will establish a system to place scientific and technological outputs produced on the job under separate management and deepen reforms to grant researchers corresponding rights over these outputs.
A greater number of eligible SOEs will be permitted to provide diverse medium- and long-term incentives to encourage innovation and creativity among their research personnel.
We will facilitate foreign equity investment and venture capital investment in China.
We will explore the introduction of national macro balance sheet management.
To place more fiscal resources at the disposal of local governments, we will expand the sources of tax revenue at the local level and grant greater authority for tax management to local governments as appropriate.
To improve the system of transfer payments, we will overhaul special transfer payments and increase the scale of general transfer payments.
We will look into rolling the urban maintenance and construction tax, education surcharges, and local education surcharges into one single local surtax. Local governments will have the authority to set the rate for this tax within a predetermined range.
We will appropriately expand the scope of use for funds raised from the sale of local government special-purpose bonds, permitting a greater share of such funds to be used as capital in more sectors and on a larger scale.
The central government will hold more fiscal powers as appropriate and raise the proportion of central government expenditure accordingly. In principle, the expenditures commensurate with such powers should be allocated from the central government, and such powers to be delegated to local governments should be reduced.
increase the proportion of direct financing
A financial law will be formulated.
move faster to build Shanghai into an international financial center.
support qualified foreign capital institutions in participating in our financial service trials.
We will push forward the development of a homegrown, controllable cross-border payment system
We will establish a system for the unified monitoring and oversight of all foreign debt.
We will implement the systems for allowing people to obtain household registration and access basic public services in their place of permanent residence. We will push to see that eligible people who have moved to cities from rural areas enjoy the same rights as registered local residents with regard to social insurance, housing support, and access to compulsory education for their children living with them. The process of granting permanent urban residency to these people will also be accelerated.
extend rural land contracts by another 30 years upon the expiration of the second-round contracts
We will seize the initiative by opening China’s commodity, services, capital, and labor markets wider to the outside world in an orderly manner and unilaterally opening our doors wider to the world’s least developed countries.
step up reforms to integrate domestic and foreign trade
We will build commodity trading centers and global distribution centers, support various types of entities in developing logistics facilities overseas in a well-ordered way, and facilitate the development of international logistics hubs, as well as hubs for the distribution of commodities and resources, in areas where conditions allow.
We will expand the catalog of encouraged industries for foreign investment, appropriately shorten the negative list for foreign investment, remove all market access restrictions in the manufacturing sector, and promote wider opening with regard to telecommunications, the internet, education, culture, medical services, and other sectors in a well-conceived way.
Municipal governments will be given greater decision-making powers to regulate the real estate market, and based on local conditions, some cities will be permitted to abolish or reduce restrictions on housing purchases and to scrap relevant standards for ordinary and non-ordinary housing.
An environmental code will be compiled.
New mechanisms will be put in place to facilitate the transition from controlling the total amount and intensity of energy consumption to controlling the total amount and intensity of carbon emissions.
We will establish a carbon emissions statistics and accounting system, a carbon labeling and certification system, as well as a carbon footprint management system.
institute oversight systems to ensure the safety of artificial intelligence.