MNI China Press Digest Aug 25: Foreign Capital, Tax Cut, CSRC

Highlights from Chinese press reports on Friday:

• China should make additional efforts to attract foreign capital, increase the vitality of businesses and expand institutional opening up, according to China’s Premier Li Qiang. On a recent tour of Guangdong province, Li said China faced a critical period of economic transformation which required authorities to promote scientific and technological innovation, and accelerate manufacturing's digital transformation. China would deepen reform and open up, including construction of a unified national market and the creation of a first-class business environment, Li said. (Source: Yicai)
• The Ministry of Finance has issued a notice calling for authorities to implement tax and fee reduction policies for SMEs to ensure they can effectively re-vitalise and develop accordingly. The notice said authorities should coordinate policies across government departments and work together to guide fiscal funds to increase innovation. Regional governments will face zero tolerance from regulators should they violate tax collection policy and the ministry will not allow them to arbitrarily increase fees. (Source: Securities Daily)
• China Securities Regulatory Commission (CSRC) will strengthen policy coordination with other departments to provide more forceful support for medium- and long-term funds including pension, insurance and bank wealth management funds to participate in the capital market, the top securities watchdog said at a meeting with major institutional investors. It will promote the establishment of a long-term assessment mechanism of above three years which aims to increase the scale and proportion of equity investment by institutional investors. (Source: CSRC website)