Chinese Premier stresses reforms, restructuring

2015-11-11 07:54

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Chinese Premier Li Keqiang on Monday stressed more reforms and restructuring to boost development. He made the remarks while meeting with economists and heads of enterprises in sectors like machinery, clothes, electronics, steel and logistics.

The core target of China's 13th five-year plan is to complete the building of a moderately prosperous society in all respects, but the country is facing a persisting sluggish global economy, aggravating domestic structural conflicts and challenges crossing the "middle income trap," Li said.

New development ideas must be carried out to ensure the economy can run within a reasonable range and achieve medium-high growth, he noted. Fiscal, monetary, industrial and price policies will play their role to steady market prospects, Li said, urging reasonable tax cuts to help enterprises overcome difficulties.

Monetary policy tools will cut financing costs for enterprises and better serve the real economy, he said. Innovation should be put at the core of state strategies. Reforms are needed in particular to innovate the systems and mechanisms so as to spur market energy, boost creativity and release the demand of 1.3 billion people, Li stressed. Vice Premier Zhang Gaoli also attended the meeting.

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