Premier Li stresses effective policies, more reform to stabilize economy

Premier Li Keqiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, chaired a symposium on economy on July 13.

At the symposium, experts and leaders from several enterprises talked about difficulties in economic development, and said the government's policies in tax reduction and inclusive financing are comprehensive and effective, playing a positive role in stabilizing business operation and employment.

Premier Li said that this year's novel coronavirus epidemic and world economic recession have exerted unprecedented impacts on China's economy.

Currently, he said, the COVID-19 epidemic has been effectively controlled in China and the economy is picking up strength as business and work are getting back on track.

This demonstrates the strong resilience and buffer space of China's economy, Premier Li said.

While calling for firm confidence in development, Premier Li stressed that the international environment is still facing growing uncertainties with mounting challenges, and China should be fully prepared.

The Premier called for efforts to carry out regular epidemic control measures, ensure stability in six fronts and security in six areas, fully implement the policies of a sizable scale to ease corporate burdens and stimulate market vitality.

According to the Premier, efforts also should be made to further reform and opening-up, and stabilize economic fundamentals and people's livelihoods to effectively prevent risks and meet annual economic and social development goals.

The Premier stressed timely implementation of macro policies amid safeguarding employment, people's livelihoods and market entities.

He also stressed fiscal, monetary and employment-oriented policies, and further fee cuts and tax reductions for enterprises.

Premier Li urged new fiscal funds to benefit businesses and people soon, as the mechanism has been established for the funds to go straight to primary levels in cities and counties this year.

Measures should be taken to increase the size of the credit loan supply and reduce the cost of financing, the Premier said.

He added that liquidity should be kept at a reasonable level to alleviate financing problems faced by micro, small, and medium-sized enterprises, and modern technology should be applied to developing inclusive finance.

Multiple measures should be taken to help graduates and migrant workers find jobs, and differentiated tax and financial support should be provided to labor-intensive enterprises to secure employment.