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Premier: Funds should be sent to grassroots governments for the benefit of the people

Updated: May 23,2020 19:57

Greater efforts must be made to pursue opening-up to cope with the economic and social impact of the epidemic, Premier Li Keqiang said when he joined deputies from South China’s Guangxi Zhuang autonomous region in a group deliberation at the third session of the 13th National People's Congress (NPC) on May 23.

This year’s Government Work Report stressed maintaining security in the six areas to ensure stability on the six fronts, Premier Li said.

Maintaining security will keep the fundamentals of the economy stable. To achieve it, efforts are needed to expand reform and opening-up, fully mobilize the enthusiasm and creativity of market players, and stimulate greater market vitality, the Premier said.

This year’s financial deficit has increased by 1 trillion yuan compared with last year, hence, 1 trillion yuan in government bonds especially for anti-epidemic response have been issued, along with many other related financial support measures, according to the Premier.

He also said rather than the old way of major project investment, these funds should be used to ensure priorities in six areas, including employment, people's livelihoods, the development of market entities, or to be invested in new infrastructure, new urbanization initiatives and major projects.

A special transfer payment mechanism has been set up to transfer all relevant funds to local governments, the Premier noted. He added that the funds must be directly sent to grassroots governments at the city or county level to help market players overcome difficulties and protect the basic livelihoods of the people, ensuring enterprises and the people feel the real benefit.