Wednesday, 20 March, 2019

Chinese Premier Says Government Will Use Monetary Policy to Boost Economy

Premier: China needs 'strong measures' to support economy China announces plans to stabilise growth amid trade war with US
Steven Clarke | 17 March, 2019, 13:40

China will not let the the world's second-largest economy "slip out of a reasonable range", Premier Li Keqiang said Friday, as he pledged support in the face of "new downward pressure".

As working-level and ministerial-level talks continue, Washington said late last month that it has extended the March 1 deadline, but the world's two biggest economies have remained at odds over what Washington calls Beijing's "unfair" trade practices.

"The Chinese economy has indeed encountered new downward pressure, while the global economy is slowing down", Li said at the end of the annual session of the Chinese National People's Congress.

The Chinese stock market closed higher, with the Shanghai Composite Index up 1 percent at 3,021.75, while the blue-chip CSI300 index was up 1.3 percent.

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

Beijing's tax cut efforts have focused on the manufacturing sector and small businesses that are vital for economic growth and employment.

"Russia and China should take all the necessary measures to chiefly provide a stable volume of bilateral trade of $100 billion and to double it in the future", Li Keqiang said.

The main job of the government is to ensure fair market access and enhanced market oversight to ensure these services are both safe and reliable, Li added.

Man City set to be handed signings ban
Real were able to get their ban reduced on appeal to the Court of Arbitration for Sport, an avenue Chelsea will also explore.

Data on Thursday showed that China's survey-based jobless rate rose to 5.3 percent in February, from 4.9 percent in December, partly due to job shedding by export-oriented companies.

China's new foreign investment law will lead to the creation of a new complaints filing regime and an information disclosure mechanism to ensure greater transparency, among other things, said Mr Li.

China could use tools such as lowering interest rates and reducing the amount of cash banks must keep in reserve to support growth, he said.

The central bank has cut banks' reserve requirement ratios (RRR) five times in the past year, with a two-stage RRR cut in January releasing a total of 1.5 trillion yuan ($A315.82 billion) into the financial system.

Beijing is counting on its millions of consumers and renewed investment to stabilize the economy as slowing global growth and a trade dispute with the USA hit its export machine.

Beijing is counting on its millions of consumers and renewed investment to stabilise the economy as slowing global growth and a trade war with the U.S. hit its export machine.

China will introduce a series of regulations and documents in accordance with the foreign investment law to protect the legitimate rights and interests of foreign investors, he said skirting question that whether it was passed in a hurry to meet the USA demands to a end trade war.

But the new law will be followed up in the coming months with more measures to make it "truly operable", said Mr Li.

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