East China’s Jiangsu province has formulated policies and measures to promote economic improvement, according to Policy Measures to Promote the Sustained Recovery of the Provincial Economy and Help High-quality Development Continue to Be at the Forefront drafted by the Provincial Development and Reform Commission in conjunction with relevant departments.
The proposed 18 policy measures this time will focus on addressing issues such as insufficient domestic demand and weak external demand.
Policy measures have been proposed with strong pertinence and high operability in terms of promoting the stable and healthy development of the real estate market, assisting foreign trade enterprises in stabilizing orders and expanding the market, and strengthening the guarantee of major project elements.
For example, in terms of financial and tax support and boosting consumption, policy measures propose to halve the collection of personal income tax on the portion of annual taxable income of self-employed businesses that do not exceed 1 million yuan, based on the current preferential policies.
Jiangsu will make every effort to implement the paid leave system, encourage staggered leave, flexible work and rest, and promote holiday consumption. In terms of focusing on stabilizing employment and promoting income growth, Jiangsu plans to adjust the minimum wage standard in a timely and moderate manner.
In order to promote the urbanization of agricultural population in an orderly manner, except for the urban areas of Nanjing and Suzhou, Jiangsu plans to completely lift the policy of household registration restrictions throughout the province, and pilot a household registration system based on regular residence to ensure that agricultural residents from local and non-local areas enjoy unified standards for urban settlement.
In the meantime, the policy packages also propose corresponding measures to continuously reduce fees levied on enterprise, promote inclusive and prudent supervision, optimize and improve the efficiency of government services and other matters of concern for business entities.
