Premier Li Keqiang said China has the means to prevent regional and systemic risks on July 9 at seminar in Beijing. [Photo/China News Service]

Premier Li Keqiang said China has the means to prevent regional and systemic risks on July 9 at seminar in Beijing. [Photo/China News Service]

China has the capability and confidence to prevent regional and systemic risks and will push forward stable development, openness and transparency of the capital market, Premier Li Keqiang has said.

The Premier made the remarks on July 9 at a seminar on the state of the Chinese economy in Zhongnanhai, headquarters of the central government in downtown Beijing.

“Though there will be various challenges and risks along the way, we will never let down our guard and we have the capability and confidence to prevent regional and systemic risks,” Premier Li said.

The Premier said China will push forward “stable and healthy development of the capital market and the currency market in the long term” to provide a good financial environment for the real economy.

The Premier also said that many of China’s economic indices had started to recover in the second quarter.

“The vitality and momentum of development have increased, effectively boosting confidence in various circles,” he said.

Government chiefs of Hebei, Liaoning, Jiangsu, Henan, Guangdong, Sichuan and Shaanxi provinces and the Inner Mongolia autonomous region reported their economic situation to the Premier at the seminar.

Still, the Premier noted, efforts to stabilize the economy need to be further consolidated, “especially given increasing variables in the global economy”.

To complete the major tasks for this year’s economic and social development, efforts should be made to maintain the continuity and stability of macroeconomic policies, expand domestic demand, optimize the economic structure and strengthen the momentum of economic growth, Premier Li said.

He asked the authorities to be flexible in implementing policies, make targeted efforts to suit the situation and realize the dividends of reform and opening up.

Premier Li noted that the focus should be on promoting structural reform, deepening administrative streamlining, and creating new engines of economic development through mass entrepreneurship and innovation.

The focus should also be on delivering benefits to the people, enhancing the real economy and increasing the supply of public goods and services.

He also noted that economic performances varied across different regions in the country, and urged local governments to push forward reform and structural adjustment to seize the initiative.

The Premier encouraged local governments to actively implement the country’s strategies and give full play to their advantages.

First, efforts should be made to innovate mechanisms and break barriers that prevent policy implementation in reform and opening up to create a good environment for mass entrepreneurship and innovation.

Second, concrete efforts should be made to expand effective investment, especially increasing the supply of public goods and services in the central and western regions.

Third, new measures should be adopted to improve development capacity. The needs of enterprises and public should be considered when implementing the Made in China 2025 and Internet Plus strategies.