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China has strong resilience, solid underpinning for its economic development: Premier Li

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2021-12-07 08:02:55Xinhua Editor : Li Yan ECNS App Download

Chinese Premier Li Keqiang on Monday said that China has strong resilience and solid underpinning for its economic development.

When virtually holding the sixth "1 6" Roundtable with heads of major international economic organizations, Li said in Beijing that China has the confidence and the ability to meet its major targets and tasks set for the whole year, and achieve sound development over the long run.

Li noted that China has executed strong and effective macro policies surrounding the needs of market entities, which solidify the foundation for keeping the economy and employment stable.

"Market entities underpin economic development at the micro level. In China, the number of market entities of all types has exceeded 150 million, and around 70 percent of them are active, which means that over 100 million market entities are in regular operation," he said.

Li said these market entities support the employment of 800 million to 900 million people, and have provided a solid underpinning to economic growth, job creation and improved lives for the people.

"They are the source of our confidence in overcoming difficulties and challenges," he added.

The premier acknowledged that this year, market entities, especially micro, small and medium-sized firms and self-employed households, have yet to fully recover from the previous-year impacts of the pandemic, and have encountered new difficulties in production and operation, facing the cost pressure of commodity price hikes.

"In response to that, we have carried on and improved last year's practices by designing and deploying macro policies in direct response to market entities, to support employment and people's well-being by supporting market entities, and keep economic fundamentals stable," he said.

China has continued to deliver large-scale tax and fee cuts, and scale up inclusive financial services to help market entities, in particular micro, small and medium-sized firms and household businesses, survive and thrive, he said.

"We have intensified the employment-first policy, by expanding market-oriented and non-pubic channels of employment, supporting firms in securing and increasing jobs, promoting business start-ups in boosting job creation, and developing flexible employment with better protection for rights and interests, to strive for fairly full employment," he said.

In response to commodity price hikes and tight electricity and coal supply, China has halted the practices in some localities and sectors of power cuts in disregard of the laws of economy, he added.

Multiple steps have been taken to ensure provision and stable prices, and the supply shortage of electricity and coal has been eased over time, Li said.

He added that response to climate change needs to be driven to a large extent by scientific and technological innovation and industrial restructuring and upgrading.

"We will step up technological research and development for all-round use of coal, steadily raise the share of clean energy and push forward adjustment in energy and industrial structures in a well-paced manner," he said.

He stressed that China will continue to advance reform and opening-up to improve its business climate and unleash the vitality of market entities and internal dynamism of development. The good experience from years of practices is to rely on reform and opening-up in boosting vitality and impetus and weathering downward economic pressure, while exercising sound macro policies.

"We have consistently followed this approach and kept improving it. We have deepened the reform of government functions, continuously streamlined the procedures for starting a business and business operation, and worked hard to foster a market-oriented, world-class business environment governed by a sound legal framework," Li said.

The premier emphasized that China is undergoing in-depth development of new-type industrialization, informatization, urbanization and agricultural modernization.

China's reform and opening-up will continue to move forward, and its potential of development will be further unleashed, Li said.

The Chinese economy is resilient and has potential. China is able to handle the short-term economic fluctuations and sustain steady and sound economic development for the long run, he said.

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