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we intensified reform and opening up to invigorate the market.
invigorate the market
Rather than adopting strong stimulus policies that would have an economy-wide impact, we continued to move forward with structural reform. We intensified reform to streamline administration, delegate more powers, improve regulation, and provide better services.
streamline administration, delegate more powers
We delegated the power or cancelled the requirement for government review for 311 items, cancelled the requirement for verification or approval for 123 professional qualifications, and put a complete stop to the practice of non-administrative review.
put a complete stop to
The number of items which require government approval for new businesses prior to registration was cut by 85%, and the system of a separate business license, organization code certificate, and taxation registration certificate was replaced by a unified business license with a unified social credit code. Both operational and post-operational oversight over businesses were strengthened, and public service procedures were improved.
operational and post-operational oversight
the system of a separate business license, organization code certificate, and taxation registration certificate was replaced by a unified business license with a unified social credit code.
a unified business license with a unified social credit code.
Government-related procedures for individuals and businesses were made much simpler, such that enthusiasm for stepping out into business and making innovations is rising by the day.
Fiscal, tax, financial, and other key reforms were deepened. The central government cut, by one third, the number of items for which special transfer payments are permitted, while scaling up its general transfer payments. Steady progress was made in replacing business tax with VAT. Ad valorem taxation was extended to cover more types of resource taxes.
in proportion to the estimated value of the goods taxed
a major push to scale up treatment programmes for people in poor countries.
The upper limit of the floating band on deposit rates was removed, the deposit insurance system was introduced, and the RMB cross-border payment system was established. Pricing reform was intensified, with the number of central government set prices reduced by 80% and the number of local government set prices cut by more than 50%.
the RMB cross-border payment system
We carried out state-owned enterprise (SOE) reforms, rural reforms, and investment and financing reforms, ecological management reforms, and others. Efforts to intensify reform in all respects are beginning to deliver results.