China to step up financing support for major projects

China will increase financing support for its major projects through policy-based and developmental financial instruments, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

Offering such support, the country aims to boost effective investment, employment and consumption, according to the meeting.

The meeting decided to raise up to 300 billion yuan (about 44.7 billion U.S. dollars) via means such as financial bond issuance for the capital replenishment of major projects, including new infrastructure, or bridge financing for special debt projects.

The central government will arrange interest discounts for a period of two years in accordance with the actual amount of equity investment, the meeting said.

It underlined the importance of efforts to launch work-relief programs during the implementation of major projects, which, while ensuring project quality and safety, should offer as many jobs as possible.

More investment should go into the transport sector to shore up weak links, support employment and consumption, and provide greater support for socioeconomic development, it said.

The meeting also decided to establish pilot programs to enhance the transformation of clinical research achievements at certain high-level hospitals, and support the construction of research platforms and bases.

To meet the public's basic need for medical services and protect personal information, medical institutions should not refuse patients with critical illnesses, and the abuse of health code issuance should be seriously investigated and punished in accordance with the law, it said.