Governments should roll out effective and sustainable policies and reforms to support market entities and economic development, Premier Li Keqiang said at a symposium on economic situations with officials from local governments held via video link on Nov 20.
Officials from the provinces of Heilongjiang, Shandong, Hunan, Guangdong and Yunnan reviewed local economic performance so far this year, analyzed next steps, and offered suggestions for national macro policies.
They extolled the crucial role of the country’s macro policies and measures designed to help enterprises overcome difficulties, citing quarterly recovery of main indicators measuring local economy and employment.
China’s achievements in the fight against the COVID-19 epidemic and a relatively quick return to positive economic growth boil down to concerted efforts from both the central and local governments, Premier Li said.
At the national level, the macro policies were timely, decisive, effective and reasonable; local governments proactively advanced solid implementation of these policies. Meanwhile, the country’s more than 100 million market entities showed strong resilience, he said.
For the next step, the Premier called for greater efforts to continue a steady rebound of the economy and push it back to a reasonable range, accomplish primary development targets and tasks for this year and improve people’s livelihoods.
He pointed out the importance of being fully aware of the complexity, severity and uncertainty defining the current situations at home and abroad, and showing realism in mapping out future paths, backed by consistent, effective and sustainable policies, both short and long term.
“We should reasonably choose policy tools at proper intensity, and follow good experience and reform measures, such as the mechanism of funneling funds directly to the grassroots level implemented this year,” the Premier said.
The policies should, he said, be refined as appropriate to suit the needs of market players and changing situations, to create steady expectations for the market and maintain smooth running of the economy.
Their focus should be on stabilizing employment, which offers the source of income for consumption, and expanding domestic demand, the Premier said, calling for enhanced robustness in the employment-first policy to create more jobs.
To spur normal consumption growth requires unclogging blockages that hinder it and improving on weak points to meet diverse consumer demands.
The Premier stressed strengthening guidance on government funds and encouraging participation from social capital to expand effective investment.
Governments should continue to tighten their belts and deliver benefits to market entities, taking targeted measures in light of local conditions to help them solve problems and create well-being for the people.
As the hundreds of millions of market entities form the foundation for steadying growth and securing employment, local governments should push forward practical reforms, including the reform of streamlining administration and improving services, to build a market-oriented, law-based and international business environment.
The reform process also should be based on local realities and involve removals of unreasonable barriers behind the pattern of interests, to enable existing market players to be more active and stimulate the emergence of new ones, Premier Li said.
Continued efforts are needed in promoting high-level opening-up, and stabilizing foreign trade and investment, as well as industrial and supply chains, the Premier said.
He further stressed taking the signing of the Regional Comprehensive Economic Partnership agreement as an opportunity to seek new room for international cooperation, along with related rules and facilitation measures.
