Li's measures of market reform

Premier Li Keqiang has taken a series of measures to deepen market reforms in China. Although the outcome is not yet clear, most of his measures during the past one and half years of his office have been aimed at the right target, according to an article in China Business News. Excerpts:

Li Keqiang has worked as premier of the State Council for one and half years. He has visited 16 provinces in China and 15 countries in Asia, Europe and Africa.

Abroad, he is great promoter of economic and trade cooperation between China and other nations. In China, the people pay more attention to his market reform measures. A central task of his government is to draw the boundaries of the government and the market. His reform measures can be concluded in the following aspects.

The government must delegate more powers to the market and the society. Cutting red tapes can bolster the healthy development of the market and fight the corruptions.It should always focus on improving people’s livelihood. Granting the migrant workers their overdue urban resident welfare and renovating the shanty homes for the poor are timely actions in response to the needs of restructuring Chinese economy.

Stabilizing economic growth under tremendous downward pressure is not an easy job. Li Keqiang proposed to conduct “micro stimulus”, and redefine the “comfort zone” of Chinese economy. These new actions and new concepts help keep the economy on the right track.

Creating jobs is an important duty of his government. Li promised there will be 10 million new jobs this year, despite the economic difficulties. Helping the small businesses is the right way to create jobs, because they are the largest employers in China.

Restructuring the economy entails the changing the structures of industry, domestic demands and investment. Private investors deserve more opportunities in the markets of medical care, nursing the aging population and financial services.

Inspiring innovation is the central task for Chinese government. The country urgently needs to construct an environment respecting talents, knowledge and intellectual properties.

China has bidden farewell to the times of buying airplanes by selling shirts. Li is a great salesman of China’s high-speed railway, nuclear power and spaceflight technologies in the world.

Another difficult task for his regime is to cut government expenses and improve the transparency. He also pays special attention to the implementation of new policies, especially the difficult ones.

All these aspects are interrelated with each other, just as the problems confronting the government.