Li Keqiang Chaired A State Council Executive Meeting To Determine Further Measures To Stabilize Foreign Trade.

On July 10th, Premier Li Keqiang chaired a State Council executive meeting to determine measures to further stabilize the foreign trade so as to expand opening up and help steady growth and steady employment. He asked to do a good job in lowering the rate of social security fees, decided to fully push aside some state-owned capital to enrich the social security fund, and deploy the central budget implementation and other fiscal revenue and expenditure audit to find out the rectification work.

The meeting pointed out that, in accordance with the requirements of the CPC Central Committee and the State Council on the "six stability" work and the implementation of stable foreign trade requirements, the key is to further expand the opening to the outside world, and pay more attention to market driven reform and the use of economic means to enhance the endogenous driving force of enterprises. The meeting confirmed measures to further stabilize foreign trade.

First, we should improve fiscal and taxation policies. The study continued to reduce the overall level of import tariffs, improve the export tax rebate policy and speed up the tax rebate progress.

The two is to strengthen financial support. We should give full play to the role of export credit insurance, expand coverage and reduce premiums reasonably, and put forward specific types of insurance that meet the needs of enterprises. We should guide financial institutions to increase their support for foreign trade financing of small and medium-sized enterprises. Create conditions to improve the convenience of RMB settlement.

Three, we should accelerate the development of new formats such as cross-border electricity suppliers, processing trade, bonded maintenance, and so on, and foster an import trade demonstration area.

The four is to enhance the level of trade facilitation. We have made greater breakthroughs in simplifying import and export regulatory documents, reducing customs clearance time and lowering port charges. The meeting called for strengthening policy reserves and timely launching according to the changing situation and concerns of enterprises, so as to promote stable and quality upgrading of foreign trade.

The meeting pointed out that reducing the rate of social security is an important measure to lighten the burden of enterprises and stimulate the vitality of market players. At present, China's social security funds are running smoothly and can ensure payment in full and on time. In the first half of the year, the effect of reducing the social security premium rate was obvious. The payment of basic pension insurance, unemployment insurance and work-related injury insurance for employees was reduced by more than 128 billion yuan. Next, we must focus on ensuring the reduction of social security rates and ensuring the timely and full payment of basic pensions. We should go deep into the enterprises to understand the implementation of the policies, and study and solve new problems in a timely manner, so as to ensure that the policies are landed and there is no discount. On the premise of implementing the payment ratio of the basic old-age insurance units of no less than 16%, there is no policy adjustment in this year. All localities should shoulder the responsibility of the basic pension payment and ensure that one household will not fall. We must steadily push forward the overall planning of the provincial level.

To enhance the sustainability of the social security fund and further consolidate the foundation of the social security system for the elderly, the meeting decided that this year, the 10% state-owned shares of the central and local state-owned and state holding large and medium-sized enterprises and financial institutions will be transferred to the social security fund and local related stakeholders, and as financial investors, they will enjoy the right to income in accordance with the regulations.

The meeting pointed out that the audit results of the central budget implementation and other fiscal revenue and expenditure in 2018 were announced in the near future. First, we must conscientiously grasp the rectification. In order to find out the problems in the audit, all localities and departments should take charge of the seats and make timely rectification according to the regulations. The rectification results will be reported to the State Council before the end of October and will be made public after the report is made to the Standing Committee of the National People's Congress. Two, we should strengthen the budget transparency and rigid constraints, standardize the budget implementation from the system and mechanism, and comprehensively strengthen performance management, and resolutely put an end to willful spending. Three, in line with the positive fiscal policy, while adhering to the tight government's efforts, we should strive to ensure the development and livelihood of the people badly needed, especially to ensure that measures such as tax reduction and cost reduction are put in place.

Other matters were also discussed.