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Thursday, November 21, 2019, 18:20
Li: China to ensure stable, consistent macroeconomic policy
By Xu Wei
Thursday, November 21, 2019, 18:20 By Xu Wei

BEIJING - China will ensure the stability and consistency for the macroeconomic policy next year and continue with a proactive fiscal policy and prudent monetary policy to stabilize market expectations, Premier Li Keqiang said at the fourth "1+6" Roundtable here on Thursday.

The roundtable was held between the premier and heads of six major international economic organizations - the World Bank, the International Monetary Fund, the World Trade Organization, the International Labor Organization, the Financial Stability Board and the Organization for Economic Cooperation and Development. This year's meeting features the theme of "promoting openness, stability and high-quality development of the world economy."

Li ruled out the possibility of resorting to the deluge of strong stimulus policies or monetary easing

In his speech, Li ruled out the possibility of resorting to the deluge of strong stimulus policies or monetary easing.

ALSO READ: China's central bank aims for stability in monetary policy

He highlighted the importance of better use of countercyclical tools, ensuring a good implementation of tax and fee reductions, maintaining an adequate level of liquidity in the financial sector, and stepping up the lowering of actual interest rates.

The potential of domestic consumption will be further unleashed, with more steps to open up the manufacturing and service sector, he added.

Separately in his speech, Li urged joint efforts to enable the sustained, stable and healthy growth of global economy, saying that the significant slowdown in the global economy has disrupted the global industrial chain and division of labor.

Maintaining the stable growth of the global economy is an issue that concerns the public livelihood of different countries and the future of human beings, Li noted.

The premier expressed his hope that the dialogue can consolidate consensus, lift confidence and enable further cooperation to promote the sustained, stable and healthy development of the global economy.

ALSO READ: China to further open up for global changes

Li also called upon greater support to developing countries in their integration into the global labor division system to narrow the gap with developed economies.

Li said that it was important to promote inclusive growth and enable fair and equal development.

He highlighted the importance of giving play to the role of innovation in leading growth, seizing opportunities from the new round of scientific and technological revolution and industrial revolution and strengthening new growth engines.

With significant slowdowns in the global economic growth and rising protectionism, no country can stay immune and joint efforts from all sides would be required, he said.

He stressed the need to resolutely safeguard protectionism and rules-based free trade to jointly cope with challenges worldwide and promote investment liberalization and trade facilitation.

ALSO READ: Premier stresses importance of rules-based free trade

Li reiterated China's support to reform the WTO as necessary to enable its free trade system better fit with the trend of the times.

However, reform to the organization must be targeted rather than starting all over, he said, adding that its basic rules and core values must be upheld.

He also voiced support to reform to the World Bank and the IMF, saying that China will always remain a positive force in promoting reform to the international economic governance system.

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