China ready to use more policy tools to boost economy

17 March, 2019, 13:40 | Author: Wade Massey
  • China announces plans to stabilise growth amid trade war with US

Chinese Premier Li Keqiang on Friday said he is going to visit the European Union (EU) headquarters in April and hold the next round of the China-EU leaders' meeting.

He said that maintaining growth would ensure that employment remains stable.

In response, China, the world's second largest economy after the United States, imposed tit-for-tat tariffs on Dollars 110 billion of American goods.

"China and the United States as two large economies have become closely entwined through years of growing their relationship and years of cooperation", Li said.

He also projected the new foreign investment law approved by the NPC in the shortest possible time could be a main driver of growth in future.

The United States and China have exchanged tariffs on more than $360 billion in two-way trade, and China's exports and imports plummeted much more than expected in February.

However, the law that passed on Friday had just 41 articles, compared to a more-detailed 2015 draft with 170 articles that stalled in the National People's Congress.

"In actual practice, our goal is to generate the same amount of job opportunities as we did previous year, which is over 13 million", Li told a press conference after the conclusion of the annual session of China's national legislature.

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The law, created to ease concerns among foreign companies about the difficulties they face in China, will ban forced technology transfer and illegal government "interference" in foreign business practices.

"Moreover, we can deploy quantity-based or price-based policy tools such as reserve requirements and interest rates".

Li said that China will honor its commitments to continue pushing ahead with opening up and reform.

Li said, "We certainly need to take strong measures to cope with rising uncertainties that we face this year". "This is not monetary easing but to more effectively support the real economy".

China will bolster its national coffers by collecting more of the profits earned by some financial institutions and centrally-owned firms, while general expenditure will be cut, Li said.

"In actual practice, our goal is to generate the same amount of job opportunities as we did previous year, which is over 13 million", Li said.

"For some time, China-US trade frictions have been given more prominence, but China-US negotiations have never stopped", Li said.

"In terms of policy support - we may provide public rental housing units to private actors to provide services such as mobility, daycare, etc. Tax breaks may be provided to these service providers in terms of expenses on water, electricity and natural gas", he said.

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