Premier stresses promoting effective investment, consumption
Updated: July 29, 2022 23:51 Xinhua

BEIJING — Premier Li Keqiang called for efforts to detail measures to expand demand, promoting effective investment and increasing consumption.

Efforts should be made to consolidate the foundation of economic recovery and keep the economy running within a reasonable range, Premier Li said while chairing a State Council executive meeting on July 29.

Keeping employment and prices stable is important to the stabilization of the economy, the meeting said, noting that comprehensive measures should be taken to expand effective demand.

The key role of effective investment should be given full play in the recovery and development of the economy, said the meeting, adding that the implementation of investment projects under the central budget and the use of local government special bonds should be accelerated.

Policy-based and development-oriented financial instruments should be properly adopted, and mainly leveraged to support infrastructure projects in areas such as transport, energy, logistics and agriculture, as well as new types of infrastructure, said the meeting.

Efforts should be made to maintain consumption's role as the major economic growth driver, the meeting stressed.

With certain exceptions, areas with car purchase restrictions should gradually raise the limit on new cars and ease car purchase qualifications. The second-hand car market should be further developed and tax exemptions for new-energy vehicle purchases should be extended.

The government will support people's essential housing needs as well as their needs for better housing, the meeting noted.

Supportive policies for sectors like catering, retail, tourism and transport should be well implemented, it said.

The meeting pointed out that prices are generally stable in China, a hard-won situation given the high inflation rates generally seen in the rest of the world.

The meeting also underlined the need to guarantee good autumn grain production to achieve a bumper harvest this year.

Building on the summer grain harvest, unmitigated efforts should be made to ensure a good autumn harvest, which is the main contributor to the annual grain output of more than 650 billion kg, according to the meeting.

The meeting also underscored efforts to cope with natural disasters and ensure the safety of people's lives and property.

In the face of the rainy season, with its associated flood risks, local governments should take adequate disaster prevention and relief measures to safeguard people's lives and property, it noted.

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