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Effective, sustainable macro policies stressed for economic recovery

Updated: Nov 19,2020 11:17 AM

Premier Li Keqiang presided over a symposium on Nov 16 on the economy, attended by experts and entrepreneurs.

At the symposium, Premier Li heard opinions and suggestions on economic deployment in the next phase, in addition to analyzing the current economic situation with those in attendance.

In an effort to cope with unprecedented difficulties, the government introduced a slew of macroeconomic policies to pull enterprises through crisis, motivate market entities' vitality, and promote joint connection of macroeconomic control and people's specific demands.

Be it tax and fee cuts, deficit levels upgrading, special national bonds issuance, administration streamlining, or business environment optimization, the Premier said, all policies should center on market entities' demands.

And the innovative mechanism to directly implement policies has benefited market entities, especially micro, small, and medium-sized enterprises, and self-employed entrepreneurs, he said.

Premier Li said the credit of keeping stable economic development and employment goes to efficient and reasonable implementation of policies and the contributions from both market entities and the masses.

Full preparations should be made to face difficulties and challenges arising from the complicated international and domestic situations, with assertiveness, the Premier said.

Attendees also tabled proposals on microeconomic policies, innovation promotion, construction of supply chains, among others.

Premier Li stressed that macroeconomic tendencies and changes in both international and domestic environments should be studied, with more voices heard from market entities and the people, to iron out effective and sustainable policies.

Meanwhile, all stakeholders should further cherish people's arduous contributions, back up market entities, particularly micro, small, and medium-sized enterprises, and self-employed entrepreneurs, in a more targeted manner, and safeguard and improve people's well-being.

With a strong market, the Premier said, China should stick to expanding domestic demand as a strategic basis. Enterprises should improve their market awareness, and upgrade products and services to the middle- and high-end level, while exploring markets in counties and towns with cost-effective products, to meet the demands of those at primary levels, he added.

"China's experience over the past 40 years has proved that reform and opening-up is the only way toward development," Premier Li emphasized.

The Premier stressed that further work should be done to deepen administrative reform, accelerate the construction of a market-oriented and law-based international business environment, promote the mass entrepreneurship and innovation, and stimulate the vitality of market entities and social creativity.

The Regional Comprehensive Economic Partnership (RCEP) agreement was officially signed on Nov 15, the day before the symposium, by 10 Association of Southeast Asian Nations (ASEAN) member countries, plus China, the Republic of Korea, Japan, Australia, and New Zealand.

Premier Li said this will expand economic activities, trade, and investment between China and other countries in the region. He called for the countries’ efforts to jointly contribute to the world's largest free trade area, and take concrete actions to uphold the multilateral trading system to expedite free trade.

The Premier also noted that the 15 member countries of RCEP are highly complementary to each other and the signing of the agreement will boost mutual cooperation and stabilize industrial and supply chains.