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Premier: Macro-regulation should suit market entities

Updated: Jan 22,2021 08:28 PM

Targeted and effective macro-regulation should be conducted around the development needs of market entities to stimulate their vitality and social creativity, said Premier Li Keqiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee.

He made the remarks while chairing a symposium on Jan 21 to solicit opinions and suggestions from experts and entrepreneurs on the drafts of the Government Work Report as well as the Outline of the 14th Five-Year Plan (2021-25) and the Long-Range Objectives Through the Year 2035.

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

Speaking at the meeting, attendees from the Chinese Academy of Labor and Social Security, integrated securities company Orient Securities and cloud computing platform RootCloud, among others, expressed their views on topics for this year and the next five years.

Premier Li required related government departments to carefully study their suggestions about boosting employment, making financial policies more effective, fostering international cooperation, developing industrial internet and promoting transformation and upgrading of traditional industries.

Coupled with major strategic achievements in epidemic prevention and control, China’s economy saw positive growth last year against a global economic recession, Premier Li said.

The hard-won gains, he added, were attributable to the tremendous efforts by departments across various regions, as well as from the people and market entities.

The Premier called for firm confidence in navigating risks and challenges faced by the economy this year, as situations remain complex and severe and the pandemic is still raging worldwide.

He urged solid steps to keep the economy running within a reasonable range and drive high-quality development, with the new development stage, concept and paradigm requirements woven into all aspects of social and economic advancement.

Efforts should be made to consolidate the foundation for economic stability and recovery, the Premier said, urging continuity, consistency and sustainability of macro policies. Facing market entities’ demand for development, the government should pursue a necessary and appropriate fiscal and monetary policy, and support enterprises, especially micro, small and medium-sized businesses, to overcome difficulties and enhance their development capacity.

Policies should be improved to deal with uncertainty and stabilize market expectations, while ensuring stable and healthy economic development.

Premier Li called for further reform and opening-up to better spur market entities’ vitality and social creativity. More than 100 million market players are the foundation of economic development, he said. The government must push forward with reforms that delegate power, improve regulation and upgrade services, while optimizing the business environment.

Fair competition must be secured to help market entities survive and develop, so more new market entities will be encouraged to be established and energized.

Premier Li stressed maximizing market entities’ drive for employment, and reforming and upgrading markets of labor, talent and flexible employment, so as to create more opportunities for fair employment.

Creative ideas, systems and mechanisms should promote scientific and technological innovation while following the trend of international industrial development, the Premier said.

New technologies such as industrial internet should be applied to speed up upgrading traditional industries, especially the manufacturing industry, as well as increase the quality and efficiency of agricultural production. Also, the Premier said high-level opening-up should be carried out while giving greater emphasis to opening-up based on rules and related institutions.

According to Premier Li, to gain a fruitful economic and social development this year, it is crucial to achieve a good start in the 14th Five-Year Plan period (2021-25). All regions and departments concerned should assume their duties to achieve this long-term goal.

Vice-Premiers Sun Chunlan, Hu Chunhua and Liu He, State Councilors Wang Yong and Xiao Jie, and He Lifeng, head of the National Development and Reform Commission, also attended the meeting.