Premier Li Keqiang chaired a symposium on the current economic situation on Oct 14, in Xi’an, Northwest China’s Shaanxi province.

He heard opinions from heads of several provincial governments, including Shaanxi, Jiangsu, Henan, Hubei, and Guangdong.

Given the complicated and rigorous international situation and a slowdown in the world economy, Premier Li said, the domestic economy faces multiple challenges and difficulties. Still, local governments have made great achievements in stabilizing employment, finance, foreign trade, foreign capital, investment, and market expectations, with the economy smoothly operating, structural adjustments progressing, and people’s livelihoods improving, he said.

Meanwhile, he said downward pressures on the economy exist, such as decrease in domestic demand, price hikes in food, and insufficiency in the development momentum in some places, adding that development will still be the priority and more efforts should be taken to keep the economy operating within a proper range.

“We should inject vitality into the economy through reform, opening-up, and innovation, unleash economic potential by expanding domestic demand, and cultivate new effective investments and consumer demand by focusing on improving people’s livelihoods,” Premier Li said.

Related departments should also make more efforts in promoting stable employment, stabilizing prices, and ensuring people’s livelihoods to meet all the major targets and tasks for this year while laying the foundation for steady economic growth next year, he added.

Premier Li called for keeping the economy within a reasonable range, carrying out policies on tax and fee cuts, and lowering financing costs, and making flexible use of different macro policies.

Local governments' special bonds should be better leveraged to stimulate private investment and construction of major projects, said the Premier. Meanwhile, support should be given to central and western China in taking over transferred industries from the eastern region.

New growth areas of consumption should be cultivated by tapping into people's needs and market trends to stir up both online and offline consumption in urban and rural areas.

He stressed the importance of reform to create a market-oriented, rule-based and internationalized business environment. Difficulties of enterprises should be examined, while the administrative reform goes deep.

Innovative development should be promoted. Efforts should be made in fostering industrial internet, the mass innovation and entrepreneurship initiative in big, medium and small-sized companies, as well as upgrading manufacturing enterprises.

Local governments should pursue high-level opening-up and cooperation in international trade and investment to achieve win-win results.

Premier Li also urged improving people's livelihoods. Employment should be given top priority, especially for university graduates, veterans, employees that were transferred from their original positions and people with difficulties in finding jobs.

Pensions should be distributed in a timely manner, and payment delays should be appropriately addressed for migrant workers.

Moreover, attention should be paid to agriculture production in the fall and winter, with supply meeting demand, the Premier said. Prices for basic necessities of food in daily life should remain stable, while more efforts should be made to guarantee the basic living of people in poverty and people afflicted by disasters.

State Councilor Xiao Jie and head of the National Development and Reform Commission He Lifeng also attended the symposium.