Li calls for supply-side reform
Print Edition
CHINESE Premier Li Keqiang has urged local governments to push forward supply-side structural reform to help stabilize economic growth when meeting the heads of several major provincial regions yesterday.
Local authorities should continue to cut red tape, implement tax breaks, encourage innovation and eliminate outdated capacity, Li said at the meeting participated by the governors of Hebei, Liaoning, Jiangsu, Shandong, Hunan, Guangdong and Qinghai provinces, and the mayor of Chongqing Municipality.
According to Li, China needs joint efforts from central and local governments to face up to economic challenges.
The local heads agreed that more efforts are needed to stabilize growth as previous reform measures have begun to take effect.
Li asked the governments to delegate more power.
The plan to replace business tax with value-added tax should be “vigorously pressed forward to guarantee tax burdens are reduced in all industries and small firms actually benefit,” Li said.
Local authorities should build more platforms and provide better services for people who are trying to start their own businesses, he said.
Talking about the overcapacity seen in provinces such as Hebei and Liaoning, Li said excess capacity in coal and steel production should be eliminated so traditional economic engines can be fine-tuned.
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