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Premier Li: Keep economy running in appropriate range

Updated: Nov 12,2019 10:05 PM

Premier Li Keqiang called for efforts to continue reform and opening-up and keep the economy in an appropriate range.

Premier Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks while presiding over a symposium on the current economic situation on Nov 12 in Beijing.

Vice-Premier Han Zheng, also a member of the Standing Committee of the CPC Central Committee Political Bureau, attended the symposium.

While facing severe external risks and difficulties, the policies on tax and fee reductions, employment promotion and business environment optimization play a positive role, according to economic professionals and entrepreneurs attending the symposium.

Relying on reform and opening-up and targeted regulation, the Chinese economy is performing within a reasonable range this year, and the annual goal of increasing urban jobs has been achieved ahead of schedule.

It did not come easy for such a huge economy as China to reach medium-to-high growth rate, Premier Li said.

He added currently China is confronted with a complicated external environment, increasing downward economic pressure and rising prices of some products such as pork. Moreover, enterprises are faced with more difficulties in business operations than before.

Given the complicated situation, Premier Li called for pragmatic efforts and precise policy implementation to ensure major targets for this year's economic and social development will be completed, thus a solid foundation can be laid for the next step of development.

Premier Li said China must keep macro policies consistent and stable and more properly employ counter-cyclical regulatory tools, and fiscal, monetary, employment, regional and other policies should also be improved.

The policy coordination, transmission and implementation mechanisms should be improved to enhance effectiveness and sustainability, he said.

According to Premier Li, the government will offer stronger support for the real economy, especially small and micro-sized enterprises and private businesses, to boost market confidence. The utilization of special local government debt will be optimized to drive social funds to invest in weak links and areas benefiting people's livelihood.

To maintain overall employment stability, China will improve its employment priority policy, continue to do a good job in maintaining and expanding employment and improve employment services for key groups, Premier Li said.

Premier Li said efforts should be made to persist in promoting reform and opening-up, and further stimulate market vitality and social creativity. In accordance with the requirements of the Regulations on Optimizing the Business Environment, China will make greater breakthroughs in reforms to streamline administration and improve services to remove hidden barriers for enterprises in investment.

As China is continuously issuing opening-up measures and the Regional Comprehensive Economic Partnership has reached a consensus, Chinese enterprises are encouraged to seize the opportunities and actively participate in international competition and cooperation, the Premier said.

He also said Chinese enterprises should strengthen their scientific and technological innovation, continue to carry out mass entrepreneurship and innovation to raise the support of new driving forces to the economy, accelerate the upgrading of the manufacturing industry and promote high-quality development.

Premier Li said China will make more effort to ensure the well-being of the people. Mechanisms and policies will be improved to actively attract social forces to focus on people's needs and dig deep into market potential. In addition, China will vigorously develop services such as elderly care and daycare, and promote the renovation of old communities.

According to the Premier, barriers limiting consumption potential should be removed, and multiple measures will be taken to stabilize agricultural production and speed up the recovery of live pig production.

The excessive price rise of some products will be curbed to guarantee the basic quality of life for people in need, he said.

Vice-Premiers Hu Chunhua and Liu He, State Councilor Wang Yong and State Councilor and Secretary-General of the State Council Xiao Jie also attended the symposium.