NDRC Outlines China’s Policy Response to Impact of Coronavirus on the Economy

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The National Development and Reform Commission (NDRC) has provided a summary of China’s policy response to the economic impacts of the novel coronavirus outbreak.

Li Hui (李慧), vice-head of the NDRC integration department said at a press conference held on 17 March that the Chinese government would focus on work in the following five areas:

  1. Drive the orderly resumption of production, and advance the resumption of work and production on the basis of the regions and levels of the disease. Enable flows of people, goods and funds to circulate in an orderly manner, maintain the overall stability of industry chains, and smooth out economic and social circuits.
  2. Effectively seize upon various enterprise assistance policies, expand the vigour of assistance provided to key sectors and small and medium-sized enterprises, comprehensively strengthen employment stabilisation measures, effectively implement policies for areas including tax and fee reductions, targeted required reserve ratio cuts, and employment stabilisation and subsidies. Strive to satisfy the daily protective provisions demand for enterprises that have already resumed work and are preparing to resume work.
  3. Actively expand effective demand, drive the supplementation and potential release of consumption, effectively employ the key role of effective investment, with an especial need for more vigorous and targeted supplementation of shortcomings and weak areas exposed by disease prevention efforts. Set excellent foundations for the ongoing healthy growth of the economy and society.
  4. Endeavour to stabilise foreign trade and foreign investment, maintain the operation of foreign trade industry chains and supply chains. Adequately and effectively make use of export rebates, export credit insurance and other foreign trade stabilisation policy tools. Effectively implement key foreign investment projects.
  5. Focus in unleashing development potential, and focus more on the effective use of key strategies for reform and opening. Accelerate the pace of system and mechanism reforms, continue to optimise the commercial environment, and further expand external opening. Fully stimulate the vitality, activity and potential of market entities.

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