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China Moves to Maintain Economic Stability Amid Ongoing Virus Outbreak

Speaking at the 12 February meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee, Xi Jinping, the General Secretary of the CPC Central Committee stressed that epidemic control measures had entered a critical stage and called for an increased effort to maintain medical supplies and daily necessities, as well as to expedite the resumption of production to the maximum capacity. He also encouraged any enterprises that met the necessary conditions to expand their capacity or switch to other production lines, while promising that steps would be taken to help enterprises faced with shortages of manpower, equipment or raw material, as well as those finding themselves under financial strain or having to cope with other difficulties.

Xi’s assurances came after the 11 February State Council executive meeting where Premier Li Keqiang outlined eight priorities for the mainland business community:

  1. The orderly resumption of work and production, with priority given to sectors related to epidemic prevention and control and essential urban operations
  2. Assisting manufacturers of key medical supplies related to epidemic prevention and control to reach their production capacity as soon as possible and helping address any problems relating to equipment, manpower, funding or raw materials
  3. Drawing up plans that ensure employees could return to work in an orderly manner
  4. Ensuring all localities and all departments establish support mechanisms to help enterprises respond to the epidemic and to alleviate any difficulties they might face, particularly in the cases of private and small and micro enterprises
  5. Implementing a system of local responsibility, strengthening the production and supply of daily necessities and countering illegal activities such as raising prices discriminately
  6. Securing supplies of coal, electricity, oil and gas by ensuring the normal operation of major transport arteries and key logistic hubs.  In addition, in those locations where the epidemic has been deemed to be less prevalent, the resumption of highway passenger transport routes, urban public transport and other services in an orderly manner should be prioritised
  7. Promoting the timely launch and delivery of key projects
  8. Maintaining high levels of employment and avoiding any large-scale layoffs

Source: State Council

Content provided by Picture: HKTDC Research
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