Li says China expects positive GDP growth
Print Edition
Premier Li Keqiang said yesterday China is expected to achieve positive economic growth this year if security in six key areas is ensured.
The six areas are job security, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments.
Li highlighted efforts to maintain security in the first three areas when addressing a news conference after the conclusion of the annual national legislative session.
China has set no specific target for economic growth this year due to great uncertainties. Instead, it has made practical plans to ensure more than 9 million new urban jobs, give full play to over 100 million market entities, and improve people鈥檚 livelihoods.
Not setting a specific growth target does not mean economic development is not important, Li said. 鈥淥ur decision is designed for economic development to deliver more real gains to our people and we want to promote higher quality development.鈥
The policies and measures are designed to provide vital relief to businesses and revitalize the markets, with a particular focus on keeping jobs and protecting people鈥檚 livelihoods instead of undertaking large infrastructure construction projects.
鈥淭his is because big change has taken place in China鈥檚 economic structure where consumption is now the primary engine driving growth, and micro, small and medium-sized companies now provide over 90 percent of all jobs in China today,鈥 he said.
Li said money invested in the people will be able to generate new wealth, help protect and preserve tax sources, and make public finances more sustainable.
鈥淲e will do our utmost to keep China鈥檚 economic growth stable, and at the same time we must ensure that all measures taken are well calibrated,鈥 he said.
COVID-19 has taken a heavy toll on the global economy in a way rarely seen before, Li said. 鈥淎s China鈥檚 economy has become deeply integrated into the global economy, it is simply impossible for it to stay immune to the impact.鈥
China will take targeted measures instead of massive stimulus to boost economic growth 鈥淲e have repeatedly said that we will not flush the Chinese economy with liquidity. We didn鈥檛 do it and we will not do it now.鈥
鈥淛ust as water is important to fish farming, sufficient liquidity is important to economic development. But excessive liquidity will induce froth in the marketplace where some people may attempt to muddy the waters and fish for arbitrage.鈥
The country reserves policy space on the fiscal, financial, social security and other fronts, and is in a strong position to quickly introduce new measures should the situation call for it without any hesitation.
China will be able to fulfill the tasks and goals for the whole year and complete the building of a moderately prosperous society in all respects, Li said.
Keeping China鈥檚 economic fundamentals stable will contribute to the whole world, and the country will remain a positive force driving global economic recovery and growth, Li said.
It is impossible for any country to achieve further development with its door closed and China will keep to its opening-up policy and will not waver in its commitment.
China, a huge market for the world, is prepared to boost imports, Li said, noting measures to provide relief and revitalize the market are expected to further spur consumption.
To facilitate foreign investment, China will further implement the foreign investment law, shorten the negative list for foreign investment, further open up the services sector, and improve the business environment.
鈥淲e hope that people will stay optimistic about coming to invest in this big market of China,鈥 he said.
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