Chinese Premier Li Qiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a symposium with experts and entrepreneurs to hear their views on China's current economic situation and the next steps on economic work, Oct 8, 2024. [Photo/Xinhua]
Premier Li Qiang emphasized on Tuesday the need for faster and more effective implementation of economic policies to achieve China's growth targets for the year, as authorities ramped up measures in recent weeks to further strengthen the world's second-largest economy.
Speaking at a symposium with business leaders and economists in Beijing, Li called for swift actions to put in place the newly rolled out policies designed to stabilize growth and enhance support for businesses.
The nation's financial regulators unveiled a host of monetary easing measures last week, including cutting the reserve requirement ratio, key policy interest rates and existing mortgage loan interest rates, in order to anchor market confidence and underpin economic recovery.
A host of policies were also announced by local governments last week to reduce down payment rates for both first-home and second-home purchases, as part of steps to buoy the real estate sector.
The stronger-than-expected stimulus measures have since boosted investor confidence and spurred the nation's largest stock rally in years.
After listening to the advice from economists and business leaders on Tuesday, the premier emphasized the need to finalize concrete plans for policy measures currently under review, while closely monitoring and assessing their implementation and impact.
Adjustments must be made when necessary, and measures must be reinforced when needed, he said.
In addition, as preparations for next year's economic agenda are underway, Li highlighted the importance of developing a set of new policies aimed at stabilizing and boosting the economy. These measures should be rolled out in response to changing economic conditions to ensure sustained and steady growth, he added.
The premier called for concrete steps to alleviate burdens on businesses, saying that firm actions must be taken to address issues such as arbitrary fines, excessive inspections and unwarranted closures.
According to the National Bureau of Statistics, China's factory activity gauge improved marginally in September, but was still below the 50-point mark that separates contraction from expansion. The purchasing managers' index for China's manufacturing sector came in at 49.8 in September, up from 49.1 in August, the NBS said.
Li also presided over a study session of the State Council on Tuesday, which was centered on enhancing the consistency of macro policies. He pointed out that enhancing the coordination of policies is critical to boosting the efficiency of macroeconomic regulation.
The premier highlighted the need for various departments to enable greater consistency in macro policies and make joint efforts to promote sustained and healthy socioeconomic development.
In the context of significant downward pressure facing the economy, Li urged various sectors to actively implement policies that stabilize growth and expectations, while being cautious about introducing measures that could contract or suppress economic activity.
