Presidency of People Republic of China : Efforts to tackle economic risks

Premier Li Keqiang has pledged to implement more precise macroeconomic measures to tackle potential risks.

Premier Li spoke on Jan 13 to economists, corporate management and governmental officials at a State Council meeting that solicited suggestions for the annual Government Work Report in March, according to a statement on Jan 15.

'2016 saw a stabilized economy with positive factors that helped to boost growth, but we must recognize upcoming challenges such as an unpredictable international market,' Premier Li said.

The Premier said this year will see geographic risks, challenges to global economic rules and changing international politics impose uncertainties amid an increasingly complicated international setting.

The government will continue to cut public expenditure to further relieve tax burden for enterprises and implement more proactive employment policies to boost market vitality and ensure incomes, Premier Li added.

The State Council, China's Cabinet, will carry out inspections on tax reduction, which will spur local governments to decrease charges levied on enterprises, the Premier said.

Gao Peiyong, director of the Institute of Economics at the Chinese Academy of Social Sciences, suggested the tax reform be deepened to further reduce taxes and charges levied on enterprises.

In addition, Premier Li said the government will further streamline administrative processes and reduce institutional costs to cultivate a more inviting business environment.

Meanwhile, new technologies and economies will be integrated with traditional industries, with Premier Li and the central government continuing to promote the national strategies of Made in China 2025－which aims to upgrade the country's manufacturing sector－innovation and entrepreneurship, as well as employment opportunities.