Financial market 鈥榯o remain stable鈥
Print Edition
CHINA will take measures to keep its domestic financial market stable and avoid wild fluctuations, Premier Li Keqiang said yesterday.
“Like the Chinese economy, China’s capital market will unavoidably see some short-term fluctuations in some fields, but we have to guard against wild swings like skyrocketing rises or precipitous falls,” Li told business executives at a World Economic Forum meeting in north China’s Tianjin.
The country’s efforts to maintain financial and capital market stability will also contribute to sound growth of the global economy, Li said.
Li said a UK decision to leave the European Union had spilled over into global financial market, and countries should work together to reduce market panic and maintain market stability.
Li told the meeting that the high debt levels of Chinese enterprises were a result of a high savings ratio, and the government is encouraging debt restructuring, bankruptcy and mergers to deleverage.
The profits of China’s major industrial firms rose 6.4 percent year on year in the first five months of this year, indicating room for improved performance via deleveraging, Li added.
He said reform will drive China’s economic growth and, to create a favorable environment, China has pursued and promoted supply-side structural reform, streamlined administration, improved government services and rolled out VAT.
This innovation-driven development strategy has been implemented with the aim of encouraging entrepreneurship and innovation, boosting creativity and tapping into market potential, he said.
Confronted with saturated heavy industries, China will cut excess capacity and help workers made redundant in the process, he said.
China aims to cut 100 million to 150 million tons of steel capacity and 800 million tons of coal capacity over the next few years.
“The reduction will involve nearly 2 million people,” Li said
The development of new business models will boost the re-employment of steel workers and coal miners.
“The new economy and new business models are creating more jobs than we expected,” he said.
The central government has earmarked 100 billion yuan (US$15 billion) to help laid-off workers and has asked local governments to provide funding as well.
As for the financial sector, Li said China will continue to develop its capital market and enhance supervision to prevent systemic, regional risks.
He also highlighted China’s opening up policy and promised to make market access easier for foreign firms and to build a fair business environment.
China aims to build itself into the world’s most attractive investment destination, Li told the meeting.
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