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State Council Calls for Stimulation of Investment in Social Sectors

The State Council recently issued the Opinions on Further Stimulating Investment in the Social Sectors (see details in Chinese), which pointed out that in spite of the continuous emergence of new forms of business, the expansion of total investment and the improvement of service capability in the social sectors, problems still abound. For example, the easing of access requirements is half-baked, policy support falls short of the mark, and the regulatory system is far from perfect.

The document puts forward 37 specific policies and measures in the following five respects:

1. Effectively ease access requirements. A concrete plan for the entry of social forces into relevant sectors and a guideline for comprehensive cross-sector, whole-process examination and approval should be formulated. Steps should also be taken to promote one-stop service for application acceptance and parallel examination and approval and make breakthroughs as quickly as possible in sectors like medical service and senior care where demand is great, supply is inadequate and public outcry is loud.

2. Further expand the investment and financing channels. Guidelines for the issuance of special bonds and the collateral management of commercial banks should be drawn up, taking into consideration the fact that their average yield is low, investment takes a long time to generate returns and asset-backed financing is not easy. Where conditions permit, market-based investment funds should be established in relevant industries within the social sectors and the local governments should be encouraged to promote credit enhancement in different industries through risk compensation funds and other measures.

3. Implement the land tax policy. Besides giving preferential treatment to the allocation of agricultural land conversion quotas and incremental construction land quotas, steps should be taken to encourage the rejuvenation of existing resources, such as old factory premises and warehouses, and formulate plans for the comprehensive utilisation of idle school grounds and buildings.

4. Promote the integration of innovation and development. Steps should be taken to develop and strengthen online education and online fitness and leisure platforms and encourage different localities to make explorations on establishing pilot areas for the early and pilot implementation of policies in areas such as market access, human resources, land and finance.

5. Strengthen regulation and optimise services. Explorations should be made on establishing a service market regulatory system, giving full scope to the positive role of different sectors, localities, associations and chambers of commerce, establishing a mechanism for industry-wide comprehensive regulation and assessment, perfecting the black-list system and exit mechanism for service agencies and their employees, and implementing the disclosure of industry regulation information as a normal practice.

Content provided by Picture: HKTDC Research
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