Govt will prioritize measures to protect jobs, ensure livelihoods, says premier

Premier Li Keqiang stressed on Monday the importance of driving the growth of the industrial internet and promoting integrated development between enterprises of all sizes to create new forms of business and stabilize the country's economic fundamentals.

While presiding over a symposium to seek experts' and business leaders' advice on the economy's performance, Li said the government will adhere to a proactive fiscal policy, a prudent monetary policy and the employment-first policy.

It is important to make macro regulation policies more up-to-date and prioritize measures to protect jobs and market players and ensure people's livelihoods, he said.

The premier's remarks came as China's factory and service sectors expanded at a faster pace in June, which indicated a stronger momentum of economic recovery fueled by the strong policy support.

According to the National Bureau of Statistics, the purchasing managers index for manufacturing stood at 50.9 in June, up from 50.6 in May, and the PMI for nonmanufacturing sectors rose to 54.4 from 53.6 in May. An index reading above 50 indicates expansion.

The NBS is expected to publish economic performance figures for the second quarter later this week.

The premier said the momentum of the recent economic recovery, which is showing signs of stabilization, has fully displayed the strong resilience of the Chinese economy.

However, with mounting uncertainties in the global economy and the challenges faced by the domestic economy, especially in the job market, the country must remain prepared for tough battles, he said.

He pledged greater cuts in fees and taxes for businesses and measures to ensure that newly added fiscal funds this year are channeled directly to grassroots-level authorities.

It is important to maintain reasonably sufficient liquidity and come up with more solutions to the financing difficulties faced by businesses, especially smaller firms, he said.

Modern technological methods must be employed to develop inclusive finance in order to scale up the credit volume made available while greatly reducing overall financing costs, he added.

Li vowed to adopt a range of measures to help with the employment of key groups such as college graduates and migrant workers, saying that differentiated policies in taxes and finance will be extended for labor-intensive sectors.

The government will further refine the environment for starting new businesses, making innovations and attracting more talents, he said.

Li said the government will encourage integration between online and offline channels to promote sales of agricultural products and help exporters explore the domestic market in order to increase the supply of high-quality products.