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Premier Li calls for tailored macroeconomic policy

Premier Li Keqiang (center), also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, presides over a symposium attended by experts, scholars and entrepreneurs in Beijing, Jan 21, 2021. The symposium solicited opinions on a draft government work report and the draft 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035. Vice-Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting. (PHOTO / XINHUA)

Premier Li Keqiang has underlined the need to adopt targeted and effective macro-control policies in line with demand from market entities to energize their vitality and social creativity amid challenges confronting the nation’s economy.

Li made the remarks on Thursday while presiding over a symposium attended by experts, scholars and entrepreneurs to solicit their opinions and suggestions about the draft Government Work Report, which will be submitted to the annual session of the 13th National People’s Congress in March for deliberation and approval, and a guideline for the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

Some participants made suggestions about job creation, improving the effectiveness of financial policies, promoting international cooperation, developing the industrial internet and upgrading traditional industries.

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While cementing the foundation for steadily recovering economic growth, Premier Li Keqiang said macroeconomic policies must remain consistent, stable and sustainable

Speaking at the meeting, Li said that as the COVID-19 pandemic still rages around the world, the global economy is undergoing recession and readjustment and the Chinese economy is also facing risks and challenges that cannot be underestimated.

He stressed the importance of implementing the new development philosophy and building the new development paradigm during the new development stage. He also called for efforts to ensure that economic growth maintains a reasonable range and enables high-quality development to make greater strides.

While cementing the foundation for steadily recovering economic growth, Li said macroeconomic policies must remain consistent, stable and sustainable. He underscored the need to keep necessary and reasonable financial and monetary policies in accordance with demand from market players and support enterprises, particularly small and medium-sized entities, to overcome difficulties.

READ MORE: China to prioritize monetary policy stability in 2021

Li also stressed the need to improve relevant policies and measures to cope with uncertainties in economic development, stabilize market expectations and promote steady, healthy and sustainable development.

He reaffirmed that the country will continuously advance reform and opening-up. Li added that efforts should be made to energize the vitality of market entities, calling the over 100 million market entities the foundation of the country’s economic development.

While continuing to deepen reforms in order to delegate power, streamline administration and optimize government services, Li said the country will keep improving its business environment and create a more level playing field.

In terms of advancing scientific and technological innovation, the premier called for abiding by the development trend of global industries and upgrading traditional industries, particularly in manufacturing, by using new technologies including the industrial internet.

Efforts will be made to make greater progress in institutional opening-up as the country expands higher-level opening-up, he added.

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