To encourage foreign investment in central China, the central authorities decided in March to allow 43 sectors in the region to enjoy preferential policies such as reduced taxation when receiving foreign investment.
To further enable the free flow of trade and investment, Hainan will introduce measures that center on zero tariffs for the trade of goods in steps and phases.
To ensure the implementation of the measures, the State Council has also urged related departments to improve related laws and regulations, create a healthy market environment by simplifying administration and power delegation, increase financial support and cultivate more talent in this field.
To extend the reform and opening-up policy to the financial sector, China has decided to allow a more flexible flow of stocks and bonds between markets.
To deal with the fentanyl overdose problem, the US and China leaders agreed at the working dinner after the conclusion of the 13th Group of 20 summit in Argentina last year to take proactive steps to strengthen cooperation on law enforcement and combating illicit drugs, including the synthetic drug fentanyl.
To ease the burden, the central government launched a reform in 2012 aimed at phasing out corporate tax and introducing VAT at each stage of the production chain. The pilot was gradually expanded, and the collection of corporate tax was scrapped in May last year.
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To further support the economic recovery and cushion the coronavirus impact, more efforts are also needed to deepen reform and opening-up, foster a more business-friendly environment and attract more foreign capital to invest and develop business in China, said Ning from the NDRC.
To drive forward these favorable policies, the city needs to comprehensively and accurately implement the principles of "one country, two systems", "Hong Kong people administering Hong Kong" and a high degree of autonomy, Lam stressed.
To eliminate bad outcomes from trade tensions, further opening-up in China's services sector, together with high-tech development supported by artificial intelligence, will help lift Chinese economic growth from 6.3 percent to around 7 percent by 2035, said Zhu Min, a former deputy managing director at the IMF.
To ensure that enterprises can take up a principal position in technological innovation, more favorable tax policies, mainly in the form of tax-deductible R&D costs, will be rolled, according to a statement released after the meeting.