Premier Li Keqiang chaired an executive meeting of the State Council on May 23, 2022, deciding to adopt a package of measures to stabilize economic performance. The 33 measures concern six aspects.
It is decided that the policy of refunding outstanding and newly added-value added tax (VAT) credits will be extended to more industries, which is expected to increase tax refunds by 140-plus billion yuan. The policy of deferred premium payments of old-age, unemployment and workplace safety insurance programs by micro, small and medium-sized enterprises (MSMEs) in the five hard-hit sectors will be prolonged till the end of this year, and extended to other industries facing serious difficulties. The scale of the support facility for inclusive loans to micro and small businesses, and its share of the increase in the loan balance will both be doubled this year. The payment period of commercial acceptance bills will be cut from one year to six months. Platform companies will be encouraged to list on domestic and overseas markets in accordance with laws and regulations. The industrial and supply chains will be stabilized. Consumer spending and effective investment will be boosted. Car purchase restrictions will be relaxed. The purchase tax of passenger vehicles will be partially cut to the amount of 60-plus billion yuan on a time-limited basis. Energy security will be ensured. The meeting also stressed the imperative to ensure basic livelihood.