China’s State Council Meeting Focuses on Accelerating New Industrialization

On September 20, 2023, Premier Li Keqiang presided over a meeting of China’s State Council to discuss accelerating progress in the realm of new industrialization. Several key decisions were made during the meeting.

The meeting emphasized the need to thoroughly study and implement President Xi Jinping’s important instructions on advancing new industrialization. It involved in-depth analysis of domestic and international situation changes and the phase-specific characteristics of China’s new industrialization. The aim is to effectively carry out various key tasks and comprehensively enhance the quality, efficiency, and international competitiveness of industrial development.

One of the key strategies is to simultaneously promote the transformation and upgrading of traditional industries and the cultivation and growth of strategic emerging industries. Accelerated development of advanced manufacturing, simultaneous advancement of industrial digitalization and digitization, and addressing weaknesses while extending strengths are the focus areas.

The meeting also stressed the importance of deepening reforms and opening up, fully mobilizing the enthusiasm of various types of market entities, and leveraging the role of the national unified large market to lead the rational layout of industries. Both domestic and international markets and resources should be used effectively to enhance the driving force and vitality of promoting new industrialization.

Addressing the issue of overdue corporate accounts was another significant aspect of the meeting. The State Council emphasized that resolving the problem of overdue corporate accounts is crucial for companies’ production and operation as well as investment expectations. Provincial governments are held responsible for overseeing local efforts to clear overdue accounts, resolve government defaults to companies, and untangle the “chain” of mutual debt among enterprises. Central and state-owned enterprises should take the lead in repaying their debts. Substantial clearance and payment should be prioritized, and long-term mechanisms should be established.

The meeting also reviewed the progress made in promoting sustained economic recovery. It was emphasized that issues identified during inspections and research should be taken seriously, treated as “responsibility lists,” and rectified one by one. Rectification results should be expanded, and progress should be monitored to ensure that previously issued policies and measures are implemented effectively. The goal is to further consolidate the positive trend of the economy’s continuous recovery.

Furthermore, the meeting addressed the “Draft Regulations on the Protection of Minors on the Internet,” highlighting the importance of securing the legal support for protecting minors on the internet. All relevant parties are urged to strictly implement their responsibilities in this regard, guide and support related companies in implementing the regulations, and promote the healthy growth of minors.

The State Council meeting also discussed various other matters of importance.