China's Four Departments Roll Out Continuous Enterprise Support Measures

China has been rolling out economic measures in quick succession, once again drawing widespread attention. On the 14th, Luo Wen, Director of the State Administration for Market Regulation, Wang Jiangping, Deputy Minister of Industry and Information Technology, Hu Weilie, Deputy Minister of Justice, and Cong Lin, Deputy Director of the State Administration of Financial Regulatory Affairs, attended a press conference held by the State Council Information Office to introduce the situation regarding increased support for enterprises. Wang Peng, a research fellow at the Beijing Academy of Social Sciences, told the Global Times reporter that the policy measures recently issued by various ministries and commissions are highly targeted and widely covered, reflecting the government's deep understanding of the current economic situation and its determination to implement precise policy-making. On the same afternoon, the General Administration of Customs also released China's import and export data for the first three quarters of 2024, with the import and export data reaching a new high.

"Precision support" is the focus

Luo Wen, Director of the State Administration for Market Regulation, said on the 14th that the country will provide precision support for the development of different business entities, focusing on solving the actual difficulties faced by small and micro business entities in production and operation. Efforts will be made to help small and medium-sized enterprises (SMEs) with certain advantages to enhance their innovation capabilities and professional level, and to accelerate the high-quality development of "specialized, refined, and innovative" SMEs and "little giant" enterprises.

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Regarding specialized, refined, and innovative SMEs, Wang Jiangping, Deputy Minister of Industry and Information Technology, said that at present, China has emerged with 141,000 specialized, refined, and innovative SMEs and 14,600 specialized, refined, and innovative "little giant" enterprises, which have played an important role in promoting new industrialization and developing new quality productive forces. Next, the Ministry of Industry and Information Technology will work with relevant departments to focus on building a mechanism to promote the growth and strengthening of specialized, refined, and innovative SMEs, improve the "selection, nurturing, and cultivation of excellence" full-cycle cultivation system, and promote the high-quality development of specialized, refined, and innovative SMEs.

On the issue of unicorn enterprises, Wang Jiangping cited data showing that unicorn enterprises from high-end manufacturing, consumer and retail, high-tech fields, and other areas account for more than 78%. More than half of the new unicorn enterprises last year came from hard-tech tracks such as new energy, artificial intelligence, and semiconductors. It is reported that the Ministry of Industry and Information Technology will next establish a unified national unicorn enterprise cultivation system that coordinates with provincial and ministerial levels.

On the 10th of this month, the Ministry of Justice and the National Development and Reform Commission published the "Draft for Comments on the Promotion of Private Economy of the People's Republic of China" on their websites, openly soliciting opinions from society. Hu Weilie, Deputy Minister of Justice, said that for the first time, the draft incorporates "two unwaverings" and "cultivating and promoting the spirit of entrepreneurs" into the law, and clearly states that "promoting the continuous, healthy, and high-quality development of the private economy is a major policy direction that the state adheres to for a long time," which fully shows that promoting the development of the private economy is a major policy direction that the party and the state have consistently adhered to and will continue to adhere to.

"The policy direction is clear and correct"

Wang Peng believes that the implementation of the measures announced on the 14th will help stimulate market vitality, promote industrial upgrading and transformation, and ensure the well-being of people's livelihood, providing strong support for building a new development pattern and promoting high-quality development. Zhou Tao, the person in charge of a technology company in Guangxi, told the Global Times reporter that the statements at the press conference about supporting private enterprises to play an active role in the development of new quality productive forces made him feel confident, and he also looks forward to the new measures to help small and micro enterprises to be implemented as soon as possible.

At another press conference held on the 12th of this month, the Minister of Finance, Lan Fo'an, said that on the basis of accelerating the implementation of the determined policies, the Ministry of Finance will launch a package of targeted incremental policy measures around stable growth, expanding domestic demand, and resolving risks in the near future.

Yang Delong, the chief economist of Qianhai Open Source Fund, told the Global Times reporter that the measures to be introduced this time are the largest support for local debt in recent years, alleviating investors' concerns, and the relevant measures will be beneficial to boost investors' confidence in China's economic growth and the capital market. An unnamed securities industry analyst told the reporter on the 14th that a series of recent press conferences have shown good policy continuity, continuously boosting market investment expectations from multiple dimensions and aspects.On the 14th, the A-share index rose. By the close of trading, the Shanghai Composite Index closed at 3,284.32 points, up 2.07%; the Shenzhen Component Index closed at 10,327.4 points, up 2.65%; the ChiNext Index closed at 2,155.4 points, up 2.6%.

"The policy direction is clear and correct." Citing expert analysis, Pakistan's Dawn newspaper reported that the People's Bank of China's adoption of a loose monetary policy and increased efforts to stimulate consumption are commendable ways to inject more confidence into economic development and are very effective in further stimulating consumption. The report stated that, currently, the outlook for China to achieve its economic and social development goals for 2024 is relatively optimistic.

New highs in import and export data

On the 14th, the General Administration of Customs also released data related to China's import and export for the first three quarters of this year. According to customs statistics, in the first three quarters, China's import and export volume was 32.33 trillion yuan, a year-on-year increase of 5.3%, of which exports were 18.62 trillion yuan, an increase of 6.2%; imports were 13.71 trillion yuan, an increase of 4.1%.

Wang Lingjun, Deputy Director of the General Administration of Customs, stated that in the first three quarters of this year, China's total import and export value reached a new high, with the total value for the first three quarters breaking through 32 trillion yuan for the first time in history, with imports and exports of 10.15 trillion, 11 trillion, and 11.17 trillion yuan respectively in each quarter, all exceeding 10 trillion yuan, which is also a first in history. The data shows that China's export product structure continues to optimize, with high-end equipment exports growing by more than 40%. In the first three quarters, China's mechanical and electrical product exports were 11.03 trillion yuan, an increase of 8%, accounting for 59.3% of the total export value.

On the 14th, The Wall Street Journal commented that China's export data for September was announced, maintaining growth for the sixth consecutive month, thanks to China's efforts to consolidate its position as the world's leading manufacturing power.