China’s Li Says Recovery at Critical Stage, Vows Speedy Measures
China Premier Li Qiang pledged to “spare no time” in implementing a batch of targeted policies to strengthen the economy’s recovery from the pandemic.
The remarks match the expectation of private-sector economists, who for weeks have been predicting that China will stop short of all-out stimulus measures to address a slowdown in the economy. With an overhang of debt among local governments, economists have projected measures including lowering borrowing costs and targeted tax credits.
Li also vowed to establish a regular communication system between the government and private-sector and foreign companies to enhance what he described as the scientific decision-making process, CCTV reported.
On Wednesday, China’s Minister of Commerce Wang Wentao held meeting with 12 foreign drug makers including Merck & Co. and Pfizer to understand their operations in China and seek suggestions to optimize the business environment for foreign firms.