In an effort to prop up the slowing economy, Chinese Premier Li Keqiang called for efforts from the country’s economic powerhouses to meet their due responsibilities on consolidating economic recovery.
The premier urged concerted efforts to shore up market entities, to stabilise employment and prices and also guarantee livelihoods of the people in general.
Mr Li made the remarks in Shenzhen while presiding over a symposium over the economic condition. Of the six major economic provinces that involved in the meeting or via video conference were Guangdong, Henan, Jiangsu, Shandong, Sichuan and Zhejiang.
The premier stressed the adoption of a sense of urgency in the country’s endeavors to consolidate recovery momentum, noting that the country’s economy is in need of stabilization.
“The country should fully implement the new development philosophy and coordinate epidemic prevention and control with economic and social development in a highly efficient way,” he was quoted as saying.
It is noteworthy that the six provinces contribute to 45 percent to the country’s gross domestic product (GDP),
These six provinces are called the pillars of the country’s economic development and urged to take a key role in stabilizing economic growth that is to ensure solid implementation of a package of pro-growth policies while leveraging policies to energize market entities, smooth logistics, and stabilize industrial and supply chains.
Premier Li also said that, “the local governments should tighten their belts, put existing assets to better use, maintain a balance between revenue and expenditure, and guarantee fiscal spending in ensuring people’s livelihoods.”
He emphasized that work should be stepped up support for enterprises to tide over difficulties and resume vitality as these six provinces take up the lion’s share of more than 40 percent of China’s market entities, which offer more than 40 percent of job opportunities.
Measures should be taken to promote consumption in these provinces by boosting of big-ticket consumption, including auto consumption, he urged.
Mr. Li also called for ramping up financial support for localities with more qualified projects through special local government debts and policy-based and developmental financial instruments. Local governments are encouraged to accelerate the construction of mature projects to increase effective investment and related consumption.
These six provinces are urged to continue their explorations on reform, deepen reforms to streamline administration and delegate power, and further stimulate market vitality and social creativity; also to promote opening-up at a higher level and stabilize foreign trade and investment to realize mutual benefits and win-win outcomes.
