Premier Li positive about Chinese economy

Updated: 2014-03-13 14:09


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Premier Li positive about Chinese economy

Press conference is held after the closing meeting of the second annual session of China's 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 13, 2014. [Photo by Feng Yongbin/]

Trade disputes not the big picture

Standalone cases of trade friction between China and the European Union account for "only a small percentage" of the two-way trade, and the problems can be solved. >>>

Debt risks within control: Premier

Citing an official audit of government debts last year, Premier Li Keqiang said the country's debt-to-GDP ratio is still below the internationally recognized warning line.

"We will establish a standard financing mechanism for local governments to issue bonds and place local government debt under budgetary management," Li said. >>>

Premier Li positive about Chinese economy

What were the biggest challenges to realize the 7.7 percent economic growth last year and what are the pressing issues for Li to solve now?

"We have very limited space to carry out fiscal and monetary policies. The macro-control confronts multiple difficulties," Li noted.

"It takes wisdom to solve difficulties. We keep old, effective ways and innovate new solutions and thoughts. We make it clear what is the reasonable range for economic operation." >>>

Job creation is main focus of stimulus

Employment was Premier Li's primary concern when considering whether or not to roll out stimulus measures.

The main consideration for setting the 7.5 percent GDP growth target this year was "to ensure employment, improve people's lives and increase urban and rural income," Li said. >>>

Key market role in streamlining administration

Premier Li Keqiang vowed to let the market play a decisive role amid the government's efforts to streamline administrative procedures.

The number of newly registered businesses increased by 27.6 percent in 2013. Of these, private business registrations increased by 30 percent, the highest in more than a decade, Li said on Thursday during a media conference.>>>

Improve oversight of shadow banking

China has set a timetable for improving oversight of the ballooning shadow banking sector and will implement Basel III requirements, Premier Li Keqiang said.

Basel III is a global, voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk. >>> 

Li stresses fight against pollution

PM 2.5, particulate matter of 2.5 micrometers or less, has become a crucial issue for the public, and society needs to work together to win the tough battle against the issue, Premier Li Keqiang said on Thursday. >>>