The third session of the fifth Chongqing Municipal People’s Congress Chongqing began at the Chongqing Great Hall of the People in Southwest China’s Chongqing Municipality, January 11, 2020. Chongqing will aim to strengthen reform system integration and coordination efficiency and make all systems more mature and well-established, according to Mayor Tang Liangzhi`s government work report for 2020`s plan. For those who are interested in investment in Chongqing, now is a great opportunity. 

The third session of the fifth Chongqing Municipal People’s Congress Chongqing began at the Chongqing Great Hall of the People in Southwest China’s Chongqing Municipality, January 11, 2020.

Chongqing will strengthen reform system integration and coordination efficiency and make all systems more mature and well-established. Through reform, Chongqing will remove institutional obstacles to development, accelerate the development of a high-standard market system, and activate dormant development potential.

Chongqing will deepen supply-side structural reform. Efforts will be stepped up to consolidate the achievements made in cutting overcapacity and press ahead with the restructuring of "zombie enterprises" in an orderly manner to avoid new overcapacity. Efforts will be made to help enterprises bring down costs and burdens. Chongqing will cut taxes and fees in place to further reduce the labor, energy, logistics, and financing costs of enterprises and enhance their sense of gain. Efforts will also be made to optimize the allocation of resources, establish a system for the efficient utilization of resources, accelerate to relax price controls in competitive sectors and resolutely remove barriers to the flow of various factors.

Chongqing will deepen fiscal and financial reform. It will make innovations in the investment mechanism, improve the pool of funds for major projects, and broaden the channels for investment to channel it into advanced manufacturing, people's livelihood, and infrastructure. It will strengthen financial innovation, establish (Chongqing) Pilot Zone for Green Finance Reform and Innovation under the Yangtze River Economic Belt, thoroughly implement the pilot program for the application of fin-tech and the innovation of financial standards, deepen the reform of regional equity markets, and expand the use of cross-border settlement and investment and financing facilitation. It will improve the financial system, carry forward the overall plan for reforming the division of fiscal authorities and spending responsibilities, fully implement performance-based management of budgets, and optimize the structure of government expenditures. The government must tighten its belt to improve people's livelihood.

Chongqing will deepen the reform of state-owned assets and enterprises. It will continue to promote the state sector to focus on strategic emerging industries, infrastructure, and public services. It will develop a mixed-ownership economy, adopt the approach of "one policy for one enterprise" to help major enterprises that are struggling to implement reforms to get out of predicaments, introduce high-quality strategic investors to participate in the mixed-ownership reform at the level of municipal state-owned enterprises, and intensify the mixed-ownership reform in sub-enterprises in the competitive field. It will improve the market mechanism, deepen reform of the "three systems (labor, personnel, and distribution)," and apply a variety of incentive measures to competitive state-owned enterprises to boost their vitality. It will also strengthen oversight over state-owned assets with the focus on capital management, deepen the pilot reform of the state-owned capital investment and operating companies, and promote centralized and unified oversight of state-owned assets for business purposes.

Chongqing will stimulate the vitality of the private economy. It will remain committed to unswervingly consolidating and developing the public sector and steadfastly supporting and developing the non-public sector, and promote the healthy development of the non-public sector and the participants in this field. It will create an impartial playing field, clean up discriminatory regulations and practices related to the nature of enterprises, and cancel review and approval procedures for a number of projects involving nongovernmental investment. It will intensify efforts to cultivate market players, improve the policy system for the development of small and medium-sized enterprises, and guide market players in the private sector to realize the "transformation of individual business into enterprise," the "upgrading of micro-enterprise to small enterprise," as well as the "upgrading of small and micro enterprises to enterprise above designated size. Meanwhile, it will optimize financial services, expand the functions of platforms such as "Fast Financing in Chongqing" and "Chongqing Enterprise Financial Services," develop digital inclusive finance, increase medium - and long-term financing for manufacturing, expand the capacity and increase efficiency of pilot commercial value credit loans for enterprises, back up enterprises in listing for financing, increase the proportion of direct financing, and give play to the role of the bail-out fund and the creditors' committee, to address the problems for enterprises who find it difficult and costly to obtain financing. It will establish "close and clean government-business relationship," improve the system for government and business contacts and the system for regularly contacting enterprises, promote entrepreneurship, and establish better mechanism for entrepreneurs to participate in making enterprise-related policies, so that entrepreneurs can make bold investment, concentrate on starting up business and focus on operations.

Chongqing will create a market-oriented and law-based international business environment. It will keep in line with the World Bank's evaluation index system to continuously improve the business environment. It will push for marketization, further deepen reforms to delegate power, streamline administration and optimize government services, fully implement the negative list system for market access, relax controls on access to pillar industries and areas related to people's livelihood, deepen the reform of oversight over public resources trading, and strengthen in-process and ex-post supervision. It will promote the rule of law, put the Foreign Investment Law and the Regulation on Optimizing the Business Environment into place, strengthen the protection of intellectual property rights, and improve the social credit system. It will promote internationalization, further facilitate cross-border trade and investment, improve the international public service system, develop professional services such as accounting, law, consulting, translation, and implement the project to promote bilingual signs. It will improve services related to enterprises, pay attention to the whole life cycle of enterprises, and focus on reducing links, time, and costs to address the painful, difficult points for enterprises in setting up businesses, applying for construction permits, and registering property. The government should be responsible for solving difficulties in creating convenience for enterprises and people.