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Premier Li stresses robust and sustainable economic growth

Updated: Jul 22,2016 10:03 PM

Premier Li Keqiang held a “1+6” roundtable meeting with World Bank Group President Jim Yong Kim, IMF (International Monetary Fund) Managing Director Christine Lagarde, WTO (World Trade Organization) Director-General Roberto Azevedo, ILO (International Labor Organization) Director-General Guy Ryder, OECD (Organization for Economic Cooperation and Development) Secretary-General Angel Gurria and FSB (Financial Stability Board) Chairman Mark Carney in Beijing, on July 22, 2016. The “1+6” roundtable discussed two main topics focused on “global economic situation and challenges” and “Chinese new economic growth engine during the transformation” and also answered questions raised by journalists.

Premier Li said although the global economy faces increasing instabilities and uncertainties, the world market still has potential to conquer the difficulties with human wisdom. All parties should maintain confidence, put economic development and people’s well-being first and work together on the goal of attaining a robust, sustainable and balanced growth, the Premier said.

For a stable recovery of the global economy, we need to address both short-term and long-term issues through moderately expanding total demand and promoting structural reform with less control, more support for innovation, better employment policy and inclusiveness, the Premier said. We should also maintain flexibility in fiscal policy and let monetary policy play a supportive role in the real economy, he added.

Premier Li noted that it is the common responsibility of all parties to promote a stable recovery of the world economy. We should cherish and endeavor to maintain a peaceful and stable international environment, firmly support globalization and the role of a multilateral trading system as the main channel, oppose various forms of protectionism, and prudently use restrictive trade measures, according to the Premier.

He called on all major economies to strengthen their coordination on macro-economic policies, increase policy transparency and predictability, and give full consideration to any spill-over impact of policies. He urged international organizations to play bigger roles in leading and coordination.

China is willing to join efforts with all related parties to ensure the success of the G20 summit in Hangzhou, and promote the robust, sustainable and balanced growth of the world economy.

Premier Li stressed that currently, the Chinese economy has maintained a good momentum, operating within a reasonable range. We should moderately expand the overall demand, and focus on structural reform on the supply side to achieve structural transformation, he said.

He pointed out that China’s economy still faces huge downward pressures and many challenges posed by the complicated world economic situation. He called for efforts to overcome difficulties, comprehensively deepen reform, further streamline administration and delegate power to lower levels, and stimulate social creativity and market vitality.

We should foster new growth drivers, transform and improve traditional growth drivers through implementing an innovation-driven development strategy and mass entrepreneurship and innovation to maintain stable economic performance and promote the upgrading of economic structure, the Premier said.

China is the “stabilizer” of the world economy, said the Premier.

Financial leaders at the meeting said that multiple parties exchanged in-depth views on global challenges and promoting economic recovery. Many agreements were reached at the meeting.

They said that China is an important partner in the world trade system, and an advocate of globalization and multilateralism. The International Monetary Fund cut its forecast for world economic growth, but increased its forecast for Chinese economic growth. This shows that IMF is optimistic about the Chinese government’s determination in maintaining reform and opening-up policy as well as the sustainable development policy.

All parties are willing to work together with China to boost world trade, promote the 2030 Agenda for Sustainable Development, create an open and resilient international financial and trade system and better share development results with all people.