Chinese Premier Li Keqiang said Friday that China will open its door wider, keep advancing high-level opening up, and steadily expand institutional opening up.
Li made the remarks during the seventh "1+6" Roundtable in Huangshan City, Anhui Province, with President David Malpass of the World Bank Group, Managing Director Kristalina Georgieva of the International Monetary Fund, Director-General Ngozi Okonjo-Iweala of the World Trade Organization, Director-General Gilbert F. Houngbo of the International Labor Organization, Secretary-General Mathias Cormann of the Organization for Economic Cooperation and Development, and Chairman Klaas Knot of the Financial Stability Board.
Li said due to the pandemic and other factors beyond expectation, the Chinese economy experienced a notable decline at the beginning of the second quarter this year. China responded by resolutely and swiftly introducing a policy package for stabilizing the economy.
Through hard work, the downward trend was quickly reversed, and the economy is recovering and showing a stabilizing momentum on the whole. China has achieved stability in employment and prices, kept the overall economic performance stable, and ensured that major economic indicators stay within a proper range, Li said. "This is not an easy job, considering the serious impact of COVID-19."
Li added that China will better coordinate pandemic control with economic and social development to protect people's lives and maintain the normal order of production and living. "We will take further steps to keep logistics channels unimpeded, ensure the steady operation of industrial and supply chains, and facilitate international exchanges and the flow of people."
Li underscored that a priority of China's macro policy is to support market entities. "We mainly used policy tools reserved from previous years, and our relief measures include newly added tax and fee cuts, deferrals and tax refunds."
Li said that in the face of the acute challenge of sluggish demand, China has employed multiple policy tools on both the supply and demand sides to boost domestic demand. "We supported the construction of major projects and the upgrading and renovation of equipment, and took a host of measures to boost consumption, the primary driving force of economic growth."
Li pointed out that keeping economic performance stable would require both greater intensity in macro regulation and more reform to generate vitality.
Li stressed that China cannot develop in isolation from the world, and the world also needs China for its development.
"We will keep advancing high-level opening up and steadily expand institutional opening up. We will double down on attracting foreign investment, see to it that domestic and foreign-invested firms enjoy equal access to all supportive policies, and protect the national treatment of foreign-invested firms in accordance with the law," he said.
Heads of the international economic organizations underscored the importance of China's development to the world, spoke positively of China's efforts and progress in stabilizing employment and prices, and applauded China's recalibration of its COVID-19 response, China's firm commitment to deepening reform and opening up, and China's support for multilateralism.