China: Premier calls for more proactive macro policies, new incremental measures to address external uncertainties

• China well prepared to handle uncertainties, stresses Li
• Focus needs to be on continuing growth in Q2 & beyond

Mysteel Global: Chinese Premier Li Qiang on Wednesday called for more proactive macroeconomic policies and new incremental measures as external shocks add pressure on the Chinese economy.

While this year presents a particularly complex environment, China has calmly and steadily responded to various risks and challenges, and the economy continued its upward trend in the first quarter, Li said at a symposium with experts and entrepreneurs to discuss the current economic situation and upcoming economic work, according to state media Xinhua News Agency.

Li acknowledged that external shocks have added pressure on the economy but noted that these challenges are expected and China is well prepared to handle uncertainties.Given the new developments in the domestic and international landscape, it is crucial to do a good job in the second quarter and beyond, and efforts must be intensified across the board, Li stressed.

He called for more proactive and effective macroeconomic policies, early implementation of existing measures to produce results quickly, and the introduction of new incremental policies to address external uncertainties.

Li emphasised the importance of strengthening domestic circulation, expanding domestic demand as a long-term strategy, and stepping up efforts to stabilise employment and boost income, and in addition to promoting the consumer goods trade-in, the government should unlock the potential of service consumption, promote the integration of technological and industrial innovation, and drive demand with high-quality supply.

He also stressed the need to invigorate all types of market entities by fully implementing supportive policies, standardising enforcement involving enterprises, and addressing issues such as delayed payments and financing difficulties, with a goal to provide practical support to businesses and create a better development environment and policy support system.

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