Chinese premier stresses need to implement policies to stabilize economy

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, speaks at a teleconference on implementing policies to stabilize economy, May 25, 2022. (Xinhua/Yan Yan)

Chinese Premier Li Keqiang on Wednesday underlined the need to earnestly implement policies to stabilize the economy and support market entities, employment and people's livelihoods.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks at a national teleconference held by the State Council, urging efforts to keep the economy running within an appropriate range.

Li said that various effective measures have been implemented in response to difficulties and challenges arising from unexpected factors this year.

However, he said that the difficulties in March, and since April in particular, are in some respects and to a certain extent greater than those experienced in 2020 when the COVID-19 epidemic hit the country, marked by downward indicators for employment, industrial production, power consumption and cargo transportation, among others.

He stressed that development is the key to solving all problems in China, and urged swift actions from now on to bring the economy back on track.

Measures should be taken to fully implement China's new development philosophy, coordinate epidemic control with economic and social development in a highly efficient way, and place stabilizing growth in a more prominent position.

More work should be done to support market entities in order to sustain employment and people's livelihoods, ensure reasonable economic growth in the second quarter, and reduce the unemployment rate as soon as possible, Li said.

Emphasizing the 33 measures to stabilize the economy proposed at a recent State Council executive meeting, he issued an order to government departments to introduce practical implementation measures by the end of May.

He also urged local authorities to introduce policies in light of local conditions to help market entities tide over difficulties and stabilize and increase job posts.

Local governments should treat all kinds of market entities equally, continue to smoothen logistics and industrial chains to promote work and production resumption, and ensure the timely distribution of unemployment insurance and social assistance funds to people in need.

The State Council will send task forces to 12 provinces from Thursday to oversee local work in implementing state policies, according to the premier.