China 

Chinese Premier Li Keqiang says foreign investment law shows Beijing is serious about opening economy further

The passage of the new foreign investment law shows China is serious about addressing foreign investors’ concerns, as it continues to open up its domestic market, Chinese Premier Li Keqiang said on Friday.But while foreign observers agreed the law is a step in the right direction, concerns remain that it does not go far enough. There is also widespread doubt among the foreign business community that it will be effectively implemented.In total, 2,929 lawmakers at the National People’s Congress … Source link

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China 

China will not ‘discriminate’ between state and private companies, vows Premier Li Keqiang

China will not “discriminate” between state owned and private companies, with Premier Li Keqiang vowing to roll out a series of measures to alleviate some of the burdens felt by the private sector including lowering the cost of financing.“We will ensure all companies benefit from our administrative streamlining measures. There should be no discrimination,” Li said at the conclusion of the National People’s Congress (NPC) in Beijing on Friday.“Through years of efforts, we have cut the time… Source link

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China 

Li Keqiang says it’s time for Chinese government to ‘turn the blade inward’ to boost jobs growth

China has pledged to create more than 11 million new jobs this year – equivalent to the population of Belgium and more than that of Hong Kong – as it tries to ensure social stability amid an economic slowdown and rising tensions with foreign countries.Wrapping up the annual legislative sessions on Friday, Premier Li Keqiang said Beijing was aware of the downward pressure from the economy, with GDP growth slowing to 6.6 per cent last year – its weakest pace since 1990.But he ruled out any… Source link

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More prudent regulations to come for China’s sharing economy, says Premier Li Keqiang

Chinese Premier Li Keqiang says more prudent regulations will need to be adopted to help grow the country’s sharing economy, which has sparked public concern after years of being a magnet for major venture capital investments.“Like any new business, [the sharing economy] has its ups and downs,” said Li in a press conference on Friday to mark the conclusion of the annual gathering of China’s parliament. “But in general, it creates jobs, brings convenience to people and drives the development of… Source link

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Can China boost short-term growth while maintaining long-term prospects? Li Keqiang may have the blueprint

Premier Li Keqiang’s government work report, unveiled on the opening day of the National People’s Congress, argued that Beijing would do well to safeguard near-term growth without undermining the long-term sustainability of the economy.The question is: can Beijing achieve this daunting task against a challenging local and global backdrop, and with a smaller policy toolkit to deploy compared with five or 10 years ago?Let’s take a look at what has been proposed for the task. First, the government… Source link

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China’s Li Keqiang presents an economy in distress in NPC speech. Is it just growing pains?

Spare a thought for poor Li Keqiang, premier of the People’s Republic of China, having to present the state of the Chinese economy to the people at the National People’s Congress earlier this week. China’s economy is growing at its slowest rate in almost 30 years. As the boss (well, nearly), reporting on a control and command economy is easy when things are going well – and painful when it’s in reverse.We ought to remember that Li is a highly competent economist, with a PhD in economics and… Source link

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China 

China’s Premier Li Keqiang warns central bank of ‘new potential risks’ posed by record loans in January

Premier Li Keqiang has warned of the “new potential risks” that China’s record level of new loans in January could bring to the financial system.The People’s Bank of China (PBOC), China’s central bank, confirmed that new yuan loans surged to 3.23 trillion yuan (US$476.97 billion) last month, almost triple the 1.08 trillion yuan (US$160.8 billion) of loans in December and beating the 3.06 trillion yuan from the same period last year.Total social financing, the more broadly defined measure of… Source link

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Chinese Premier Li Keqiang says he is confident of keeping growth in ‘appropriate range’ in 2019

China is confident it can maintain its economic growth within “an appropriate range” this year despite the prevailing headwinds, state media quoted Premier Li Keqiang as saying. Speaking in Beijing on Friday at a gathering of foreign academics – including American Paul Romer, a winner of the Nobel prize for economics – Li highlighted the country’s vast resources and determination to keep the government’s expansion plans on track, Xinhua reported. “China’s economy has enough resilience, potential and room for growth, especially with a huge domestic market and rich human resources…

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China Premier Li Keqiang invites harsh words on economy from private sector top brass

Chinese premier Li Keqiang has asked economists and entrepreneurs to critique his government work report, which is expected to lay out the government’s economic policies for 2019. Li invited some of China’s most celebrated figures in business and economics to give him feedback that “may hurt the ear or stab the heart”, at a time when China’s economy continues to face serious headwinds. Those present included Alibaba chairman Jack Ma Yun, China First Heavy Industries’s chairman Liu Mingzhong, Tao Dong, senior adviser and economist with Credit Suisse Private Banking Asia-Pacific,…

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China’s Premier Li Keqiang says loans to small firms should not be ‘wilfully withdrawn’

China’s premier said loans to small firms should not be “wilfully withdrawn”, and the country should help them tackle their liquidity difficulties, Xinhua reported late on Friday. “Government departments are encouraged to take a multi-pronged approach,” Li Keqiang was quoted as saying during a cabinet meeting on Friday. “No loans extended should be wilfully withdrawn.” Li’s comments were the latest from Beijing about efforts to prop up small and medium enterprises (SMEs), which are flailing in the face of a wider clampdown on riskier credit, a slowdown in economic growth…

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