Chinese Premier Li Keqiang has called for efforts to balance epidemic response and economic and social development, noting that the complicated global situation and domestic COVID-19 resurgences have brought about greater uncertainties and challenges to economic stability.
Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks while presiding over a symposium on the economic situation attended by economists and entrepreneurs on Thursday.
Attendees offered suggestions on macro policies, promotion of logistics and transport, ensuring farming supplies, and boosting enterprise innovation.
The premier said that market entities serve as an important foundation in stabilizing the fundamentals of the economy.
The key to keeping the country’s economy running within an appropriate range, he said, is by stabilizing employment and price levels.
Noting that some market entities are facing mounting pressures, Li said that measures such as facilitating value-added tax (VAT) credit refunds should be taken to help smaller enterprises especially tide over the difficulties.
China announced in March that it would implement VAT credit refunds worth 1.5 trillion yuan ($235.56 billion) to support market entities.
On boosting employment, the premier spoke of the importance of improving employment services for university and college graduates and encouraging business startups.
On stabilizing prices, he said China should ramp up efforts in key fields such as grain production, energy supply and logistics operations.
He urged more targeted measures, including promoting spring farming, supporting coal companies and power plants to generate more electricity, and guaranteeing the orderly operation of major transport networks.
When formulating and implementing policies, all types of enterprises should be treated equally, with their voices heard and market expectations anchored, Li said.
The premier said efforts should be made to promote the sound and sustainable development of the platform economy, and more support should be given to consumption-related sectors such as retail, catering and tourism to help ease difficulties.
To effectively address external uncertainties, Li called for the expansion of high-level opening-up, stabilizing foreign trade and foreign investment, and maintaining a generally stable renminbi exchange rate.
