Chinese premier stresses implementing macro policies innovatively

BEIJING -- Chinese Premier Li Keqiang has stressed the importance of implementing macro policies innovatively, better unleashing market vitality, stabilizing the macroeconomy, and keeping the economy running within an appropriate range.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a symposium which he presided over on Thursday.

The symposium was held to solicit opinions and suggestions from experts, scholars and entrepreneurs on a draft government work report.

The document will be deliberated at the top legislature's annual session in March.

Vice-Premier Han Zheng, also member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the symposium.

The premier highlighted the hard-won achievements made over the past year as China met its main development goals and tasks.

Noting that the Chinese economy is facing new downward pressure, Li stressed the need to stick to the basic tone of seeking progress while maintaining stability, and the need to effectively forestall and defuse risks.

He said the continuity and stability of the macro policies should be maintained, and range-based and targeted regulation should be a focus.

Efforts should be made to implement a combination of policies to cut taxes and fees on a large scale to deliver benefits to more market entities, and carry out comprehensive measures to reduce financing costs for enterprises, especially medium, small and micro firms, Li said.

He urged the provision of targeted support for sectors that create many jobs but have been hit hard by the pandemic, ensuring the energy supply and stabilizing grain output.

Li noted the importance of fully leveraging the decisive role of the market in allocating resources, accelerating the development of a market-oriented, law-based and internationalized business environment, strengthening market oversight, opposing monopolies and the unregulated expansion of capital, and safeguarding fair competition.

Multiple measures should be taken to increase people's incomes and spending power, and unleash consumption potential, he said.