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Highlights: Chinese Premier Li Keqiang Meets the Press After National People’s Congress Session Ends

March 15, 2019 4:30 pm

BEIJING (PingWest) – Chinese Premier Li Keqiang met the press after the second session of the 13th National People’s Congress ended on March 13.

Premier Li responded questions from home and abroad reporters, ranging from economy and taxes to employment.

Here are highlights from the press conference:

1.     China will develop the real economy.

Premier Li responded to a question on China’s economic weakness, saying that China’s top priority of the financial sector is to support the development of the real economy. In 2019, China aims at bringing down the cost of financing and enhance the development of economy, especially micro and small businesses.

2.     China will cut business value-added tax and cut social security fees.

Facing a new economy downward pressure, Premier Li said China will cut value-added tax from April 1 and social security fees from May 1.

3.     China will reduce its public spending but ensures to spend enough on public welfare

Premier Li said the Chinese government should reduce public spending due to the tax cut and increase tax of some state-owned financial institutions and enterprises to collect RMB 1 trillion.

4.     China will maintain a stable relationship with the U.S

Premier Li said as the world’s two largest economic bodies, China and the U.S. have a 40-year relationship. Li said maintaining a good relationship not only benefits the two countries, but also the world. Regarding to the U.S.-China trade consultations, Premier Li said good outcomes are hoped to be delivered.