China needs 'strong measures' to support economy

Lester Mason
Марта 17, 2019

Shortly before Li's press conference, the official state-run Xinhua news agency released a brief on the talks and a telephone conversation between China's top trade negotiator, Chinese Vice Premier Liu He, and U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.

He said that maintaining growth would ensure that employment remains stable.

Even if we accelerate building elderly nursing homes and multi-functional kindergartens, the supply shortage may not be completely eased due to the rapid population ageing in China, he said.

In response, China, the world's second largest economy after the United States, imposed tit-for-tat tariffs on Dollars 110 billion of American goods.

The supply of nursing services for the elderly and infants in China is insufficient and can not meet demand, and this situation deserves the highest attention, Li said.

China's new foreign investment law, which was first tabled for reading last December, states in broad terms that foreign firms will receive the same treatment as local ones when it comes to government procurement, and that the authorities will not force technology transfer in exchange for access to China's markets.

Li said China would follow through on its reform pledges, including the implementation of regulations for a new foreign investment law.

The NPC on Friday passed the foreign investment law at the closing meeting of its annual session.

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Last week, Li laid out a lower growth target of 6 to 6.5 percent this year, from 6.6 percent growth last year, which was already the slowest pace for nearly three decades.

But he stopped short of providing a timetable for any reserve requirement ratio or interest rate cuts.

Similarly, there are 100 million children below six years who to need daycare centres, the premier said.

"We face many uncertainties this year, so we have to take more preparations, and we have policy space", Li said.

"It has delivered real benefits to the Chinese people, and it has benefited the world, so why won't we go ahead with it?" he said.

"Not allowing the economy to slip out of a reasonable range, that is to say we will not allow waves of layoffs", said Li, adding the government will provide support to firms creating the most jobs.

In an attempt to boost exports by bolstering economic cooperation with its neighboring countries, Li said China will make efforts to realize a free trade agreement with Japan and South Korea, warning against rising protectionism across the globe.

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