Chinese premier chairs State Council executive meeting

BEIJING, June 7 (Xinhua) -- Chinese Premier Li Qiang on Friday presided over a State Council executive meeting to study policies on promoting the high-quality development of venture capital and hear a report on the current situation of the property market and the consideration on related work in the next step.

The meeting adopted guidelines on improving the long-term mechanism of basic medical insurance participation and draft rules on implementing the registered capital management system of the company law.

A draft law on public health emergency response work was also discussed and approved in principle at the meeting, and will be submitted to the Standing Committee of the National People's Congress for deliberation.

The meeting stressed that for the development of venture capital, efforts will be made to encourage long-term investment from insurance and social security funds, alongside efforts to attract foreign venture capital funds actively, broaden exit channels, and improve merger-and-acquisition and share-transfer policies.

China will implement differentiated supervision plans, refine preferential tax policies, handle the relationship between government funds and market-oriented funds properly, and give full play to the role of venture capital in early investment, investment in small firms and investment in hard technology, the meeting said.

It noted that for the property sector, new changes in the supply-and-demand relationship need to be recognized fully and the people's new expectations for quality housing need to be addressed. Work will be done to implement existing policies effectively, alongside the continued study of new strategies to stabilize the market and reduce its inventory.

The government will accelerate its formation of a new property sector development model and improve the housing supply system that includes both commercial homes and affordable housing, the meeting said.

China has established the world's largest basic medical insurance scheme, which covers all citizens, and more will be done to enhance its management and services so that people can gain a greater sense of fulfillment and access more convenient medical treatment, the meeting said. It cited measures such as those to relax household registration limits and offer incentives for continuous insurance-scheme participation.

On the implementation of the registered capital management system, the meeting emphasized the need for efforts to implement policies such as those to adjust the investment periods of existing companies, ensure shareholders fulfill their capital contribution obligations, and optimize registration services to create a first-class business environment.