Chinese premier urges policy implementation to boost economic recovery

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 meeting on government work regarding economic stabilization for the fourth quarter of this year, Sept. 28, 2022. (Xinhua/Liu Weibing)

Chinese Premier Li Keqiang on Wednesday called for solid efforts to carry out the country's policies aimed at stabilizing economic recovery.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a meeting on government work regarding economic stabilization for the fourth quarter of this year.

Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting.

To reverse a downturn in the second quarter inflicted by unexpected factors, China has rolled out a raft of macroeconomic policies as well as their successive measures, with a higher priority on stabilizing economic growth. Efforts have also been put into safeguarding market entities, steadying prices and catalyzing demand, Li said.

Thanks to these efforts, the economy began to recover and regain its overall stability in the third quarter, the premier said.

Looking forward to the fourth quarter, Li said that it is the most important period throughout the whole year, and many policies are expected to play a greater role during the period.

The country must seize the timeframe to anchor market expectations and ensure the full implementation of policies so that the economy runs within an appropriate range, said Li.

To spur the weak domestic demand, the country needs to seek more approaches to boost effective investment and consumption, and give full play to market entities and social capital, he said.

While making full use of the policy-backed and development-oriented financial instruments to expedite infrastructure construction, the country should allocate special reloans and interest subsidies to speed up the equipment upgrades in the manufacturing, service and social service industries. Part of the 2023 quota for the special-purpose bonds will also be front-loaded.

With regard to the housing market, Li said that the country would formulate region-specific measures to meet the demand from both first-time home buyers and home upgraders, and ensure timely deliveries of pre-sold housing.

He also called for efforts to guarantee smooth logistics and steady supply of coal and electricity, adding that the country's economic powerhouses should play their underpinning role in stabilizing economy.

Concerning people's livelihoods, Li urged the country to gradually expand the coverage of basic living allowance. He said that the central budget would subsidize local governments in terms of new expenditure in this regard.

Migrant workers returning to their hometowns will also be incorporated into the country's unemployment relief and subsidy work, the premier added.