Li calls to op­ti­mize eco­nomic reg­u­la­tion

China Daily - - TOP NEWS - By HU YONGQI huy­[email protected]­nadaily.com.cn

Macroe­co­nomic reg­u­la­tion should be ap­plied, in­stead of mas­sive stim­u­lus, to with­stand the down­ward pres­sure and make the Chi­nese econ­omy run in a rea­son­able range, Premier Li Ke­qiang said on Mon­day at a ple­nary meet­ing of the State Coun­cil, China’s Cab­i­net.

This year, China faces even more com­plex sit­u­a­tions and an in­creas­ing num­ber of chal­lenges in its so­cial and eco­nomic de­vel­op­ment, with es­ca­lat­ing down­ward pres­sure, the premier said. Re­form and openingup should be deep­ened, while us­ing tar­geted reg­u­la­tions, to boost mar­ket vi­tal­ity, he said.

Mar­ket con­fi­dence should be re­in­forced to make a good start in the first quar­ter for eco­nomic de­vel­op­ment and cre­ate con­di­tions to achieve this year’s ma­jor ob­jec­tives and goals, Li said.

Li spoke highly of China’s eco­nomic growth last year, when the coun­try was con­fronted with com­plex sit­u­a­tions and chal­lenges in do­mes­tic and in­ter­na­tional sce­nar­ios. He said ma­jor goals for the na­tion’s so­cial and eco­nomic de­vel­op­ment had been at­tained by achiev­ing stable growth, good eco­nomic in­di­ca­tors and full em­ploy­ment.

These achieve­ments have pre­pared the gov­ern­ment with ex­pe­ri­ence to tackle var­i­ous chal­lenges, he said, adding that the gov­ern­ment should give close at­ten­tion to dif­fi­cul­ties and prob­lems in China’s de­vel­op­ment.

China’s GDP, one of the ma­jor driv­ers of global eco­nomic growth, rose by 6.7 per­cent in the first three quar­ters last year com­pared with the same pe­riod in 2017, ac­cord­ing to the Na­tional Bureau of Sta­tis­tics. The na­tion­wide nom­i­nal per capita dis­pos­able in­come — which is not ad­justed to in­fla­tion — rose to 21,035 yuan ($3,109), an 8.8 per­cent in­crease over the same pe­riod in the pre­vi­ous year.

Li called on all gov­ern­ment of­fi­cials to fur­ther im­prove the busi­ness en­vi­ron­ment this year, and to cul­ti­vate new eco­nomic driv­ers, ex­pand the do­mes­tic mar­ket for con­sump­tion and achieve bal­anced de­vel­op­ment for di­verse in­dus­tries and dif­fer­ent re­gions.

Gov­ern­ment at all lev­els should care­fully per­form its du­ties and ad­vance all as­pects of work for this year, es­pe­cially re­gard­ing poli­cies that have been ap­proved for the ben­e­fit of en­ter­prises and the pub­lic, Li said. He called on the gov­ern­ment to use its full abil­i­ties to solve prob­lems for en­ter­prises.

The premier urged that prepa­ra­tions be made for eco­nomic man­age­ment and mar­ket reg­u­la­tion, and en­sur­ing ba­sic life for dis­ad­van­taged peo­ple, ahead of the up­com­ing Spring Fes­ti­val hol­i­day.

The gath­er­ing de­lib­er­ated on a draft of the Gov­ern­ment Work Re­port, which will be de­liv­ered at the sec­ond an­nual ses­sion of the 13th Na­tional Peo­ple’s Con­gress in March. The premier said a good draft is ben­e­fi­cial to reach­ing con­sen­sus among all walks of life and im­prov­ing the work of the gov­ern­ment.

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