New Chinese Premier Li Qiang believes 5% growth target ‘will not be easy’

Li Quiang

Link Securities | In his first press conference after becoming China’s new premier, Li Qiang said it will not be easy for China to reach the 5% growth target, and that it will require redoubled efforts. Li reiterated the specific policies developed last December at the Central Economic and Labour Conference (CEWC) and prioritised stability in growth, prices and employment. In addition, Li said China will coordinate macroeconomic policies by boosting domestic demand, reforming innovation and eliminating risks.

He also reassured the private sector that the environment for private business will improve and that there will be equal treatment of enterprises, regardless of their ownership. Li pledged to implement a policy of supporting employment, especially in the service sector, and said China will continue to promote its economic openness.

Moreover, Li said that China and the US can and should cooperate, and that the two countries can achieve a lot if they work together.

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