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Premier, financial heads meet press

Updated: Nov 21,2019 07:36 PM

Premier Li Keqiang, with President David Malpass of World Bank, Managing Director Kristalina Georgieva of the International Monetary Fund, Deputy Director-General Alan Wolff of the World Trade Organization, Director-General Guy Ryder of the International Labor Organization, Secretary-General Angel Gurria of the Organization for Economic Cooperation and Development, and Chairman Randal Quarles of the Financial Stability Board, met the press at Diaoyutai State Guesthouse after attending the fourth “1+6” Roundtable in Beijing on Nov 21.

Premier Li said that under the theme of “Promoting Openness, Stability and High Quality Development of the World Economy,” they reached new consensus after having candid and in-depth exchanges of views on issues regarding prospects for the world economy, global economic governance and China’s economic development.

According to the Premier, all parties agreed that the global value chain and industrial chain are being affected by the significant slowing global economic growth and other complex factors. In this time of trial, we should insist on multilateralism and free trade, safeguard economic globalization and rules-based multilateral trade framework, and enhance international cooperation, he said. We should advocate the principle of achieving shared growth through discussion and collaboration, while perfecting the global economic governance system.

“We will continue to promote economic restructuring and intensify reforms to enable enterprises under all types of ownership to equally gain development opportunities and resources. Also, our cooperation in many fields such as coordinated growth, environmental protection and climate change will be expanded to jointly cope with global challenges and promote a sustainable development of the world economy,” said the Premier.

Premier Li pointed out that China is one of the major economies of the world and the largest developing country. As an open economy, it is inevitable for China to be affected by the slowing global economic growth, which has made it more difficult to maintain smooth economic performance.

“However, this year, China’s economic growth remained largely stable, and we are confident of achieving the economic and social development goals set at the beginning of the year and keep economic growth within a reasonable range. We will continue to maintain the continuity and stability of macro policies, make proper use of countercyclical adjustments, and encourage investment and consumption according to the principle of openness, transparency and sustainability to promote high-quality economic development,” said Premier Li.

Regardless of external changes, China will continue to push its opening-up to higher levels, Premier Li said.

According to Premier Li, well-targeted policies and measures will be put in place. “China will strive to make tax and fee reductions truly benefit enterprises, and avoid a strong stimulus [to the economy],” he said. “Job creation will be prioritized, and stronger support will be given to development of the real economy, especially that of micro-, small- and medium-sized enterprises.”

As part of the promise to further ease restrictions on foreign investment, newly announced measures to open up the financial field will top the agenda, he said. He also said China will create a market-oriented, law-based and international business environment, where enterprises registered in the country, regardless of their ownership structure, will operate on an equal footing, and be subject to supervision in a fair and equitable manner, in order to protect their legal rights and interests.

Efforts will also be made to unleash the potential of the domestic market, boost innovation-driven development, prevent financial risks, vigorously expand imports, and work with all sides to achieve mutually beneficial and win-win results, Premier Li added.

“1+6” Roundtable has set an example for multilateral cooperation in confronting global challenges and sent a positive signal in supporting multilateralism, according to the finance chiefs who attended the dialogue.

And to further promote economic growth, all sides should strengthen cooperation while sticking to multilateralism and globalization, they said.

China is an economy full of vitality as well as a great contributor to the growth of the world’s economy, the leaders said, while appreciating its support for major international economic institutions and efforts in building a fair business environment.

They expressed willingness to deepen cooperation with China from several aspects including innovation, R&D, digital economy, agriculture and fishing, and climate change, to generate more results in the process of global development and bring people’s life to a higher level.

State Councilor and Secretary-General of the State Council Xiao Jie and He Lifeng, vice-chairman of the National Committee of the Chinese People's Political Consultative Conference and head of the National Development and Reform Commission, also attended the dialogue.