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Premier reiterates pledge to keep macro policies stable

Updated: Apr 12,2021 15:07 PM    CGTN

Premier Li Keqiang on April 9 stressed that the country will maintain the continuity, stability and sustainability of its macro policies this year and will not make sharp changes, despite continuing economic recovery from the impacts of COVID-19.

Efforts should be made to nurture reasonable market expectations and keep the operation of the economy within an appropriate range, Premier Li said when presiding over a symposium on China's economy with experts and entrepreneurs.

Chinese authorities have repeatedly pledged to keep the country's macro policies stable with "no sharp turns" in 2021. At a press conference last month, Premier Li said China did not apply quantitative easing policy last year and that there is no need for a "sharp turn" on that this year.

China's gross domestic product (GDP) expanded by 2.3 percent year-on-year in 2020. It was the only major economy to register positive growth last year. The Chinese government has set a GDP growth target of over 6 percent in 2021.

Though the economy keeps consolidating and improving this year, the Premier cautioned against over-optimism, underscoring last year's low comparison base and new uncertainties emerging from complex international circumstances.

China's GDP contracted by 6.8 percent in the first quarter of 2020 due to the COVID-19 outbreak. Due to the low base, the country is expected to see a much faster growth figure year-on-year in the first quarter of 2021.

The Premier also stressed the need to implement targeted tax reduction policies and keep employment stable. He called for more support for small and micro-enterprises and the self-employed.

Some entrepreneurs attending the symposium said the hike of commodity prices has increased cost pressure for enterprises. The Premier responded that the government will take adjustment measures in the market of raw materials to alleviate enterprises' cost pressure.

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