Chinese premier stresses stabilizing economic fundamentals, securing people's livelihood

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a video conference with heads of several provincial regions on the current economic situation in Beijing, capital of China, April 23, 2020. Vice Premier Han Zheng, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, also attended the meeting. (Xinhua/Gao Jie)

BEIJING, April 24 (Xinhua) -- Chinese Premier Li Keqiang has stressed confidence and efforts in stabilizing China's economic fundamentals and securing people's basic livelihood in the face of the economic difficulties and challenges brought by the COVID-19 pandemic.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks Thursday at a video conference with heads of several provincial regions on the current economic situation.

Speaking with chiefs of Jilin, Shanghai, Jiangsu, Henan, Guangdong and Sichuan, Li said with the COVID-19 pandemic still spreading, the economic situations at home and abroad are "particularly complicated and grim," urging to face up to the difficulties and challenges and strengthen development impetus with strong confidence.

Work must be done to safeguard jobs, people's basic livelihood, market entities, food and energy security, the stability of industrial and supply chains, and the smooth running of communities, so as to boost economic recovery and push for high-quality development, he said.

Li demanded the implementation and improvement of policies such as tax and fee reduction, financial aid and cost reduction, as well as further support to help enterprises, especially small and medium-sized and micro enterprises as well as individual businesses to tide over difficulties and speed up work and production resumption to secure more jobs, so as to facilitate the employment of key groups such as college graduates, migrant workers and ex-servicemen.

Underscoring expansion of domestic demand and effective investment, Li said multiple measures should be taken to stimulate consumption recovery and further growth in online consumption, while policies like local government special bonds should serve to leverage more social investment.

Li said that coping with the epidemic and boosting economic development need special measures, and it is more important to stick to the reform and opening-up and speed up transformation of economic development pattern.

More efforts will be made to improve the business environment and stimulate market vitality, boost the development of advanced manufacturing and emerging industries, and facilitate mass entrepreneurship and innovation, to foster new growth drivers, Li said.

Li also stressed further opening up to the outside world and maintaining the stability of industrial and supply chains through deepened international cooperation.

To protect the disadvantaged groups against the economic downturn, Li stressed measures including transfer payments to ensure that the country reaches its goals in poverty alleviation, and called for expanding unemployment benefits, guaranteeing basic living allowance and social assistance, and making good use of price subsidies to safeguard people's basic livelihood.

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