Premier Li Qiang chaired an executive meeting of The State Council on June 16 to study a number of policy measures to promote the sustained recovery of the economy, deliberated and adopted the Action Plan to Strengthen Support for the financing of science and technology Enterprises, the Regulation on the Supervision and Administration of Private Investment Funds (Draft), and discussed the Law of the People's Republic of China on academic Positions (draft).

The meeting pointed out that at present, the overall recovery of China's economic operation is good, with the introduction and implementation of previous policies and measures, market demand has gradually recovered, production and supply have continued to increase, prices and employment have been stable on the whole, and high-quality development has been steadily promoted. At the same time, the external environment has become more complex and severe, and the slowdown in global trade and investment has directly affected the process of China's economic recovery. In response to changes in the economic situation, we must take more effective measures to strengthen growth momentum, optimize the economic structure, and promote sustained economic recovery. The meeting focused on strengthening macro-policy control, focusing on expanding effective demand, strengthening and improving the real economy, and preventing and defusing risks in key areas, and put forward a number of policy measures. The meeting stressed that qualified policies and measures should be introduced in a timely manner and implemented promptly, while strengthening the reserve of policies and measures to maximize the comprehensive effect of policies.

The meeting stressed that financial institutions should be guided to further optimize product, market and service systems according to the different needs of science and technology enterprises at different stages of development, and provide diversified relay financial services for the whole life cycle of science and technology enterprises. It is necessary to support early-stage technology enterprises as a top priority, and accelerate the formation of a financial service support system based on equity investment and linked to "stock lending and debt protection". It is necessary to strengthen infrastructure construction such as evaluation standards for scientific and technological innovation, intellectual property transactions, and credit information systems. We need to coordinate financing support and risk prevention to effectively maintain financial stability.

The meeting pointed out that in recent years, China's private investment fund industry has developed rapidly, playing a positive role in serving the real economy and supporting entrepreneurship and innovation. The formulation of special administrative regulations to bring the business activities of private investment funds into the legal and standardized track for supervision is conducive to better protecting the legitimate rights and interests of investors and promoting the standardized and healthy development of the industry. It is necessary to strengthen the source control of prominent problems in the industry, draw the bottom line of supervision, and severely crack down on illegal financial activities such as illegal fund-raising in the name of "private funds". It is necessary to strengthen the coordination of supervision and management and development policies, implement differentiated supervision over different types of private investment funds, especially venture capital funds, and promptly introduce specific policies to promote the development of venture capital funds.

The meeting discussed and adopted in principle the draft Law of the People's Republic of China on Academic Positions, and decided to submit the draft to the Standing Committee of the National People's Congress for deliberation.

The meeting also examined other matters.

Source: Chinese government website