Chinese premier stresses need to nurture market entities, boost market vitality

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, speaks at a teleconference on deepening reforms to streamline administrative approval, delegate power to lower levels, and improve regulations and services, Aug. 29, 2022. Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, presided over the meeting. (Xinhua/Liu Weibing)

BEIJING, Aug. 29 (Xinhua) -- Chinese Premier Li Keqiang on Monday called for efforts to help market entities thrive and to spur market vitality as well as social creativity.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks at a teleconference on deepening reforms to streamline administrative approval, delegate power to lower levels, and improve regulations and services.

Li also called for unremitting efforts to create a market-oriented, law-based and internationalized business environment.

Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, presided over the meeting.

Such reforms require the country to scrap administrative burdens, promote fair competition, provide more freedom and convenience for business startups, Li said.

The Chinese government has accordingly focused on simplifying administrative procedures for the manufacturing and general services industries. It has also toughened its crackdown on monopoly and protected the legitimate rights and interests of market entities, according to the premier.

The reality has shown that the reforms have contributed to eliminating impediments to development and stimulating market vitality as well as public creativity, he said.

Commenting on China's economic recovery, Li said that the economy was impacted by unexpected factors in the second quarter and the task of shoring up recovery fundamentals remains arduous.

The country has rolled out a slew of measures to stabilize the economy this year, Li said. He noted that these measures, as well as the aforementioned reforms, must be put in place so as to keep the economy operating within an appropriate range.