China to strengthen workplace safety, leverage gov't bonds to expand effective investment

BEIJING -- China will step up its efforts to comprehensively strengthen workplace safety and resolutely prevent major accidents, a State Council executive meeting chaired by Premier Li Keqiang said on Tuesday.

The meeting demanded efforts to investigate the cause of the China Eastern Airlines plane crash and advance the settlement of the aftermath. All attendees of the meeting stood in silence to pay tribute to the victims of the plane crash.

The meeting also urged making the most of government bonds to expand effective investment, as part of efforts to shore up weak links, enhance the momentum of development and promote steady economic growth.

The usage of special-purpose bonds will be widened as appropriate, with priority given to projects involving transportation, energy, ecological protection, government-subsidized housing and other areas. Public service projects that can generate certain returns will also be supported, according to the meeting.

Reform-oriented measures and market-based approaches will be applied to leverage the catalytic role of special-purpose bonds in attracting more investment from the private sector and supporting investment from private business.

Treasury bonds and local government bonds will be issued in a well-coordinated way to maintain an appropriate scale of treasury funds and ensure the fiscal resources needed for primary-level governments to implement tax refunds and tax and fee cuts and improve people's livelihood.

China will also start the construction of another batch of water conservancy projects this year, including the follow-up work of South-to-North Water Diversion Project, major flood-prevention and disaster-relief projects as well as the construction and renovation of irrigation projects, according to the meeting.