Premier Li Keqiang of the State Council presided over the executive meeting of the State Council on May 11, requiring fiscal and monetary policies to be oriented to employment priorities to stabilize the overall economic market; to deploy and further revitalize existing assets, broaden social investment channels, and expand effective investment; decide to exempt colleges and universities with economic difficulties in stages. Graduate National Student Loan interest and allow deferral of principal repayments.

The meeting pointed out that due to the new round of epidemic and the unexpected changes in the international situation, the new downward pressure on the economy in April further increased. It is necessary to implement the deployment of the Party Central Committee and the State Council, strengthen confidence, face up to difficulties and challenges, focus on stabilizing the overall economic market, provide a foundation for coordinating various tasks, and take practical actions to welcome the victory of the 20th National Congress of the Communist Party of China. First, fiscal and monetary policies should be oriented towards employment priority, and measures such as tax rebates, deferred payment of social security premiums, and reduction of financing costs should all focus on stabilizing jobs and employment for market players, so as to safeguard basic livelihoods, stabilize growth, and promote consumption. It is necessary to further study and use a variety of policy tools, mobilize local enthusiasm and consolidate responsibilities, and effectively stabilize jobs and employment. The second is to ensure price stability. The supply of basic needs for people's livelihood in my country is abundant, but it should not be taken lightly. It is necessary to strengthen grain production, ensure stable grain output and supply, and consolidate the basis for stable prices. While doing a good job in epidemic prevention and control, we will further unblock logistics, especially in key areas, and maintain the stability of the industrial chain and supply chain. The third is to ensure the normal supply of energy. On the basis of disbursing 50 billion yuan in renewable energy subsidies to central power generation enterprises in the early stage and injecting 20 billion yuan through the state owned capital operating budget, an additional 50 billion yuan in subsidy funds and 10 billion yuan in capital injections will be allocated to support coal fired power companies' bailouts and more power generation. It is necessary to optimize policies, strengthen coordination, and release advanced coal production capacity in a safe and orderly manner. Power cuts are never allowed. The fourth is to provide housing provident fund policy support to enterprises and employees who are currently in difficulty. Before the end of this year, enterprises can apply for a deferral of payment, and employees’ normal withdrawal of provident funds and applications for provident fund loans will not be affected. It is expected to reduce the burden on enterprises by more than 90 billion yuan. Employees who fail to repay the provident fund loan normally will not be treated as overdue. All localities may reasonably increase the housing provident fund withdrawal amount. The fifth is to study the measures to expand and extend the implementation period of the policy on deferred payment of pension insurance premiums, and guide local governments to subsidize the expenses of small, medium and micro enterprises, individual industrial and commercial households, such as water and electricity.

The meeting pointed out that revitalizing existing assets such as infrastructure is conducive to broadening social investment channels, expanding effective investment, and reducing government debt risks. First, encourage revitalization through the issuance of real estate investment trust funds. Guide local governments to present attractive project demonstrations, and treat all market entities involved in investment equally. Second, we must improve the market oriented operation mechanism and increase the level of project income. Special bonds can be used to support the investment of recovered funds into new projects. Third, adhere to the principle of marketization and rule of law, and determine the transaction price openly and transparently. Ensure the stable operation of infrastructure and safeguard the public interest.

The meeting pointed out that national student loans are an important system to ensure students from economically disadvantaged families receive higher education fairly. The number of college graduates this year has hit a record high. In order to help them reduce their burdens and find employment, the meeting decided to exempt the national student loan interest that should be repaid this year by graduates of this year and previous years. The interest free funds shall be borne by the state finance; 1 year repayment, no compound interest. If the graduates fail to repay in time this year due to the impact of the epidemic, the credit investigation will not be affected. It is estimated that more than 2 billion yuan in interest free and more than 5 billion yuan in deferred principal repayment will benefit more than 4 million graduates. All colleges and universities and relevant financial institutions should strengthen the connection of work, and special affairs should be handled as soon as possible so that the policy can be enjoyed to the fullest.

The meeting examined other matters.