China ready to use more policy tools to boost economy
China ready to use more policy tools to boost economy
Premier: China needs 'strong measures' to support economy
17 March, 2019, 13:40
China's population above 60 years has touched 420 million and that of children over six years to 100 million, putting heavy pressure on nursing services and day care centres, Chinese PremierLi Keqiang said on Friday.
Premier Li Keqiang, speaking in a nationally televised news conference, said Friday the communist government will cut taxes and take other steps to "boost the vitality of the market".
He made the remarks at a press conference in Beijing after the conclusion of the annual national legislative session. Gross domestic product grew 6.6 percent in 2018 - the least in 28 years.
The government should take more measures to encourage private investment to develop the services, but effective supervision is needed to ensure such services are safe, Li added.
China will bolster its national coffers by collecting more of the profits earned by some financial institutions and centrally-owned firms, while general expenditure will be cut, Li said.
It will prevent zero-employment families and provide more policy support to companies that hire more people.
China's normally steady unemployment rate rose to 5.3 percent last month, from 4.9 percent in December previous year.
Li also said China can use such tools as the reserve requirement ratio of banks and interest rates to support the economy.
The US and China, the world's two largest economies, are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items from China in March previous year.
President Donald Trump and China's leader Xi Jinping were originally expected to meet at the end of March to sign an anticipated deal, but now that has reportedly been pushed back to sometime in April.
He also projected the new foreign investment law approved by the NPC in the shortest possible time could be a main driver of growth in future.
China will introduce a series of regulations and documents in accordance with the foreign investment law to protect the legitimate rights and interests of foreign investors, he said skirting question that whether it was passed in a hurry to meet the USA demands to a end trade war.
Washington and Beijing have been locked in a tit-for-tat tariff battle as US presses China for an end to practices and policies it argues have given Chinese firms unfair advantages, including subsidizing of industry, limits on access for foreign companies and alleged theft of intellectual property.
The law, created to ease concerns among foreign companies about the difficulties they face in China, will ban forced technology transfer and illegal government "interference" in foreign business practices.
Li's comments suggest Beijing will roll out more stimulus measures to ease the strain on businesses and consumers. The talks and tensions stretch far beyond trade and tariffs.
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