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Premier seeks advice on economic situation

Updated: Jul 13,2021 09:18 PM

Premier Li Keqiang stressed the significance of range-based regulation and job-oriented policies, to further stimulate the vitality of market entities and cultivate good prospects of the economy.

Premier Li, who also is a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks at a symposium on July 12 with experts and entrepreneurs.

Those at the symposium analyzed the current economic situation, and sought opinions and suggestions for follow-up work.

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

Key indicators are good, and newly-registered market entities are growing rapidly, showing that the economy is energetic and enterprises are confident, according to attendees. Suggestions were also made on several issues, including improving the business environment, supporting financing and innovation of enterprises, and developing cross-border e-commerce.

Premier Li affirmed the economic performance, which is being reinforced and lives up to expectations, with a good trend of employment and stronger driving forces. However, he noted the facts that complicated domestic and international circumstances are bringing new uncertainties, especially the sharp price hike of bulk commodities that have increased enterprises' costs, so micro, small and medium-sized firms are facing bigger difficulties.

He required efforts to implement new development concepts, promote high quality development, and make good coordination between epidemic control and economic and social development. Cross-cycle regulation was stressed to cope with periodical risks, and reform and opening-up should be advanced to guarantee and improve people's livelihoods to secure the accomplishment of major tasks for the whole year.

Premier Li said an overall plan must be made for economic performance in the second half of this year and next year to make it remain within an appropriate range. The continuity and stability of the macro policies must be maintained in response to changes in the environment at home and abroad and the needs of market entities. China should stand firm in not adopting strong stimulus policies, and be more forward-looking and precise to strengthen range-based regulation, giving top priority to employment.

The proactive fiscal policy and prudent monetary policy should continue to focus on supporting the real economy and promoting employment, the Premier said. He urged recent measures to cut the reserve requirement ratio be structural, with greater emphasis on supporting micro, small and medium-sized enterprises and labor-intensive industries. Thus the financing difficulties can be eased.

The Premier also stressed making better use of local government special bonds and other funds to advance key projects, such as critical engineering and those involving basic livelihood. A comprehensive approach should be taken to ease the upward pressure on bulk commodity prices.

Premier Li called on related departments to continue to give full play to the role of micro, small and medium-sized enterprises and individual businesses as a major force in promoting social employment. Employment channels for college graduates should be widened, and more work opportunities for rural migrant workers should be seen. The Premier also stressed the importance of developing flexible employment, and striving to achieve relatively full employment.

Concrete steps of reform and opening-up should be taken to effectively stimulate the vitality of market entities, the Premier said, adding that reforms such as streamlining administration, delegating power, and improving services should be deepened to further improve the business environment. Mass entrepreneurship and innovation should be continuously encouraged to unleash the wisdom and strength of the people.

The Premier also stressed the importance of promoting professionalism and encouraging micro, small and medium-sized enterprises to become specialized and innovative. Supervision will be strengthened, and monopoly and unfair competition will be opposed, so that micro, small and medium-sized enterprises can have more choices and room for growth in fair competition, to better support large enterprises to enable the latter to fully play their leading role in the whole industrial chain.

China will expand high-level opening-up, make better use of both international and domestic markets and resources, and promote the development of cross-border e-commerce, overseas warehouses and other new business forms for steady growth in foreign trade and investment. This will help the nation remain a favored place for foreign investment and achieve better development while further integrating into the world economy, Premier Li concluded.

Vice-premiers Sun Chunlan, Hu Chunhua and Liu He, state councilors Wang Yong, Xiao Jie and Zhao Kezhi, and He Lifeng, head of the National Development and Reform Commission, also attended the meeting.