China’s Li says recovery at critical stage, vows speedy measures

CHINA Premier Li Qiang pledged to “spare no time” in implementing a batch of targeted policies to strengthen the economy’s recovery from the pandemic.

China is at a critical stage of economic recovery and industrial upgrading, Li said in remarks at a seminar with researchers on Thursday (Jul 6), according to state-run CCTV. A slew of targeted, comprehensive and well-coordinated measures must be implemented quickly to stabilise growth and employment while preventing risks, CCTV cited Li as saying, without detailing the measures.

The remarks match the expectation of private-sector economists, who for weeks have been predicting that China will stop short of all-out stimulus measures to address a slowdown in the economy. With an overhang of debt among local governments, economists have projected measures including lowering borrowing costs and targeted tax credits.

Li also vowed to establish a regular communication system between the government and private-sector and foreign companies to enhance what he described as the scientific decision-making process, CCTV reported.

On Wednesday, China’s Minister of Commerce Wang Wentao held meeting with 12 foreign drug makers including Merck & Co. and Pfizer to understand their operations in China and seek suggestions to optimise the business environment for foreign firms. BLOOMBERG