BEIJING — Premier Li Keqiang stressed tax and fee cuts and the improvement of financial services to alleviate burdens on companies and promote their healthy development.

Premier Li made the remarks during his tour in East China’s Shandong province from May 24 to May 25.

He underscored the importance of tax cuts and fee reductions, as they are key to coping with current downward economic pressures and can benefit the economy in the long run.

In Weichai Group, a leading machinery manufacturer, Premier Li encouraged the staff to strengthen international cooperation in innovation. He also called for craftsmanship to produce more competitive, highly reliable products.

A manager of Weifang Goertek Electronics Co, a privately-owned intellectual products maker, told Premier Li that the company will pay 100 million yuan (about $15 million) less in taxes and fees this year.

Premier Li said China has huge market potential and that through technological innovation, their own efforts and extensive cooperation, Chinese companies will eventually win consumers and the market.

The government will also continue to improve policies and encourage companies to increase inputs into research and development, he added.

During his visit to a local bank, Premier Li said lenders should use big data techniques and innovate financial products and models to provide better financial services to small- and micro-sized enterprises, as these enterprises play a crucial role in driving economic growth, increasing employment and improving people’s livelihoods.

Premier Li also asked local authorities to monitor prices of daily products and take proper measures to ensure sufficient supply and reasonable prices.

Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits a local bank in East China’s Shandong province, May 25, 2019.[Photo/Xinhua]

Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits Weichai Group, a leading machinery manufacturer, in East China’s Shandong province,[Photo/Xinhua]

Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, learns about fruit prices when stopping by a fruit shop during an inspection in East China’s Shandong province, May 25, 2019. [Photo/Xinhua]