Li: China, US should strive for healthy growth in ties
Print Edition
CHINA and the United States have common interests and many areas for cooperation and should strive for a healthy development in relations, Chinese Premier Li Keqiang said yesterday.
The world’s two largest economies are navigating frosty relations that sank to their lowest depths in decades under former US President Donald Trump’s administration.
Li, speaking at a news conference at the end of the annual meeting of top legislature, said Beijing hoped ties could develop in a healthy way based on respecting each other’s core interests, win-win cooperation and non-interference in internal affairs.
It is inevitable the two will have differences, but what is key is how they deal with those.
“The people of China and the United States are wise and capable, and the two sides have to conduct dialogue and communication with respect and equality,” Li said.
“China and the United States share broad common interests and there are many areas where we can cooperate. We should still focus more on common ground and expand our common interests.”
The premier also defended the government’s target for more than 6 percent economic growth this year, saying it is “not low,” and policies would not be dramatically loosened to chase higher growth.
The target was well below analysts expectations, as their consensus forecast is for growth of more than 8 percent this year. But Li said the growth target is not set in stone and China may achieve even faster growth in its delivery.
In 2020, China emerged from the epidemic-induced slump with a 2.3 percent GDP growth, making it the world’s only major economy to attain positive growth.
Li said the focus this year is on consolidating China’s economic recovery, and setting hugely different growth targets from year to year would only “disturb” market expectations.
“Walking quickly for a moment does not mean one is walking steadily,” Li said. “It is only with a steady pace that we will be firm in our steps.”
Li warned against any “sharp turn” in policy making, and said that there would be no drop in efforts to secure people’s livelihoods.
“We did not ease policies last year, nor do so-called quantitative easing, and there is also no need for a ‘sharp turn’ this year,” Li said.
On the government’s 2021 target to create more than 11 million urban jobs, Li said he hoped that goal could be exceeded even though pressure on employment remains significant.
“In generating jobs, we have to let the market play a critical role, which is protecting jobs by supporting market entities,” he said.
Financing channels to small and medium-sized enterprises should be kept open even as banks remain vigilant over debt risks. “We will guide financial institutions to reasonably give up profits while stabilizing leverage ratios, to make it easier for firms to raise capital amid declining financing costs,” Li said.
China will also continue to open up to outside investment, including a push to open up its services sector, he said.
“We will deepen our opening-up while boosting domestic demand through all efforts, and make China an important destination for foreign investment,” he said.
With 260 million elderly people, China’s “aging industry” in particular can be a huge “sunrise industry” for foreign companies, Li said.
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