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Premier urges maintaining economic recovery, energizing market entities

Updated: Mar 26,2021 21:20

Premier Li Keqiang called for more efforts to consolidate the recovering growth, energize market entities, and strengthen their natural impetus.

Premier Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks on March 25 while chairing a symposium via video link from Nanjing, East China’s Jiangsu province, with governors and senior officials from local governments.

The meeting analyzed the current economic situation and set requirements for advancing economic and social development.

Government officials from Jiangsu, Jilin, Jiangxi, Guangdong and Sichuan provinces said that local economy shows a stable and upward trend with some major indicators growing fast, but difficulties and challenges still exist.

The economy got off to a good start this year and generally maintained steady recovery, as localities and departments followed decisions by the CPC Central Committee and the State Council, Premier Li said.

According to the Premier, this year is special, and economic performance should be observed on a monthly or quarterly basis, as some indicators see rapid growth rates year-on-year largely from a low base. Such observation shows an overall steady economic performance.

The actual GDP growth this year may be higher than the expected figure of over 6 percent. The key to achieving steady and healthy development is to underpin the economic fundamentals and avoid big fluctuations, he said.

The Premier required a comprehensive, objective and sober analysis of current situations to effectively guide market expectations, attain major socio-economic development targets for the whole year, and promote high-quality development.

China’s economy should perform within an appropriate range to lay a solid foundation for sustainable and healthy development, Premier Li said.

Given the current complex international environment, China is also affected in many aspects, especially in surging commodity prices. In terms of the domestic economic situation, employment pressure and slow recovery in some industries remain a problem, said Premier Li.

Firm confidence is necessary, he said, and difficulties and challenges should also be properly treated.

According to the Premier, the intensity of policies in ensuring job security, basic living needs, and the operation of market entities, should be maintained, and direct funds should go quicker to the primary level.

He urged a faster pace to issue policies to slash taxes and fees for small and micro-sized enterprises, and explore ways to further support individual businesses.

Meanwhile, Premier Li said, various measures should be taken to provide convenient financing to small and micro-sized enterprises, and cut their financing costs.

To keep the economy running within an appropriate range, more efforts are needed to expand employment, increase incomes, stabilize prices, and improve ecological environment, Premier Li said.

He also said that more work should be done to bring out the vitality of market entities.

China has over 138 million market entities, he said, and large or small, they are the backbone, and over 90 million individual businesses alone drive the employment of 200 million people.

Their resilience and hard work support the relatively rapid recovery of the economy, stabilize and expand employment, and improve people's livelihood, he stressed.

While targeting policies to market entities to help them recover operations, work should be done to deepen reform and opening-up to enhance their vitality and inner strength, Premier Li said.

Administration streamlining should be continued, he said, to further simplify business-related approvals with fair supervision and optimized regular governmental services.

According to the Premier, the government should increase its support for mass entrepreneurship and innovation, to breed more market entities and inspire creativity in the general public.

He urged local governments to improve the business environment in line with their conditions, bringing more convenience to market entities and the people.

China should also make good preparations for the implementation of RCEP, he said, adding that domestic and international markets should be connected in further opening-up.

The industrial and supply chains should be kept stable through wider cooperation, he said.

State Councilor Xiao Jie attended the symposium.