China unveils new measures and 200bil yuan budget to revitalise economy

The Star

The Chinese government said on Tuesday (Oct 8) that it is confident of achieving its full-year growth target as it introduced new measures including a 200 billion yuan budget spending to revitalise its sluggish economy.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00In fact, in the support of the local government special debt just now,

00:05the third is an active exploration of the model of innovation financing.

00:08The National Development and Reform Commission will vigorously implement the employment priority strategy,

00:13strengthen the coordination and cooperation of macro-policy,

00:16guide the establishment of the right employment officials,

00:18and insist on relying on development to promote employment.

00:21The first is to expand the effective demand to create new employment growth points,

00:25play a leading role in the investment in the central budget,

00:29and stimulate the vitality of private investment.

00:33The second is to accelerate the implementation of major measures such as two-weight and two-heart,

00:37and increase the knowledge intensity of projects that absorb good employment effects.

00:40The third is to enhance the employment creation effect of the new industry,

00:45develop new production capacity,

00:47cultivate the new generation of information technology,

00:50energy-saving environment, biotechnology, new materials, new energy,

00:54and other strategic new industries and future industries,

00:57create more knowledge-based positions,

01:00expand the employment space of the life-service industry,

01:04create innovative development service consumption,

01:08and accelerate the cultivation of new scenarios of consumption.

01:11We must vigorously develop the silver economy,

01:13and must fully release the employment potential in the field of social services,

01:18such as retirement, households, employment, logistics, etc.

01:22We will submit a list of 1,000 billion two-weight construction projects next year

01:26and a plan for investment in the central budget of 1,000 billion yuan.

01:29We plan to submit the two 1,000 billion projects by the end of this month.

01:33The projects involved have been carefully selected by the relevant departments of the Development and Cooperation Committee.

01:40They are in line with the conditions of the preliminary work,

01:44and can form a food workload within the year as soon as possible.

01:47As for the 102 major projects,

01:49the specific projects involved are 5,100 sub-projects.

01:5292% of the projects have been started or completed.

01:58Next, we will further strengthen the coordination strength,

02:02strengthen the responsibilities of all parties,

02:04strengthen funding support and element resource guarantee,

02:07and promote the construction of 409 projects that have not yet been started.

02:12By the end of next year,

02:14the 102 major projects have been successfully completed,

02:18and the investment in the central budget of 7,000 billion yuan has been paid.

02:21At present, the project launch rate is 58%.

02:24Of the 10,000 billion yuan of long-term national debt,

02:277,000 billion yuan has been spent on two projects,

02:31and the project launch rate is 50%.

02:34In addition, the local government special debt of 3.12 trillion yuan has been spent on projects this year.

02:42At present, by the end of September,

02:44the total amount of 2.83 trillion yuan has been issued,

02:47and the issuance rate is 90%.

02:50The project launch rate is 85%.

02:53In addition, the major infrastructure projects,

02:56such as nuclear power and railway, have also made new progress.

03:00We have also organized a selection of projects

03:03that focus on private investment nationwide.

03:06There are a total of 189 projects,

03:08which mainly help to coordinate and solve major problems such as fund element guarantee.

03:12At the same time, we will regulate the implementation of new mechanisms

03:15of government and social capital cooperation,

03:17and focus on the payment of users.

03:19All projects will adopt a special management model,

03:21and prioritize to support the participation of private enterprises.

03:24We have also announced a number of new PPP mechanism demonstration projects to the public.

03:29The total investment is 1.4 billion yuan.

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