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Premier Li gives suggestions for China’s economic development

Updated: Jul 10,2017 2:32 PM News Service

Premier Li Keqiang holds a meeting with entrepreneurs and economists in Beijing on July 6, 2017.[Photo/China News Service]

Premier Li Keqiang delivered a message on China’s economic development and future tasks during a symposium with economists and entrepreneurs held in Beijing on July 6.

According to Premier Li and other experts, the Chinese economy is stable and moving upward.

The stability is attributed to a steady employment rate. Official statistics show the number of newly added urban jobs reached 5.99 million in the first five months of the year, more than half of the annual goal set in the government work report.

Premier Li commented that stable growth relies on sufficient employment, enhanced market confidence, and better economic structure and incomes.

Jia Kang, chief economist at the China Academy of New Supply-side Economics, said comprehensive economic data, including fixed assets investment, purchasing managers’ index and import-export, indicate that China’s economy is moving along.

According to experts, new growth momentums have contributed 30 percent to China’s economy, and supported employment.

Premier Li said under the current economic background, China’s macroeconomic policy will remain stable to meet market expectations.

However, he added, appropriate adjustments will also be required according to specific circumstances, including targeted proactive fiscal policy and stable monetary supply.

To further invigorate the real economy, China has cut more than 2 trillion yuan for enterprises in the last three to four years through the value-added tax reform.

Premier Li urged related departments to continue to reduce fees and taxes, helping to solve financing problems faced by enterprises, especially small and medium ones.

China needs to further eliminate constraints to private investment, which should be supported by proper expansion of aggregate demand, the Premier said.