Chinese premier stresses faster implementation of macro policies

Chinese Premier Li Keqiang has called for an accelerated pace and ramped-up efforts in the implementation of macro policies.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks while chairing a symposium on stabilizing growth, held in Yunnan Province on Wednesday.

He highlighted efforts to stabilize the growth of market entities and shore up employment and people's basic livelihoods, underpinned by stable growth.

Noting that the new wave of domestic COVID-19 resurgences and changes in the international situation have posed further downward pressure on the economy, Li stressed the importance of confidence, citing China's more than 150 million market entities, strong resilience and generally stable prices.

"We have always insisted on avoiding 'flood-like' stimulus. We didn't issue excess paper currency, even when COVID-19 hit us the hardest in 2020," Li said, adding that there is still room for policy maneuver in the face of new challenges.

He emphasized the importance of efforts to coordinate COVID-19 control with economic and social development in a more efficient way, and the importance of stepping up macro regulation.

As most policies introduced by the Central Economic Work Conference and government work report were implemented in the first half of 2022, Li called for local governments to put forward more measures in May, in order to quickly bring the economy back on track.

The country must ensure the full implementation of its relief measures, including tax cuts and refunds, so that enterprises can enjoy policy support promptly and thoroughly, Li said.

While giving higher priority to employment, the country should increase assistance to market entities to stabilize employment, and encourage financial institutions to defer repayments of loan interest for micro, small and medium-sized firms and self-employed households, Li said.

On stabilizing the economy, the premier said that the country must ensure an adequate grain output and energy supply, and maintain the stability of prices and all factors underpinning economic development.

Impediments in logistics and upstream-downstream connections must be cleared to smoothen industrial and supply chains, Li said.

The country will also encourage the public listing of companies in digital and platform economies in domestic and overseas markets in accordance with the laws and regulations, and create rules and a business environment that are transparent, fair and innovation-oriented, Li said.

Government officials from 12 provinces in eastern, central, western and northeastern China attended the symposium. Ten of the 12 provinces constituted the top 10 across China in terms of economic aggregate.