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Premier Li Keqiang Attends World Economic Forum (WEF) Special Virtual Dialogue with Global Business Leaders

2020-09-16

On the evening of September 15, 2020, Premier Li Keqiang attended the World Economic Forum (WEF) Special Virtual Dialogue with Global Business Leaders at the Great Hall of the People, delivering a speech and exchanging views with representatives of entrepreneurs. Held via videolink, the Dialogue was chaired by Executive Chairman of the WEF Klaus Schwab and participated by nearly 600 global entrepreneurs.

In his speech, Li Keqiang said, the outbreak of COVID-19 across the globe has not been fully controlled, which not only presents a serious threat to the life and health of people, but also takes a heavy toll on the world economy. Chinese President Xi Jinping underscores that humanity is a community with a shared future, and should follow a path of solidarity and cooperation in both epidemic control and economic recovery. When facing global challenges, the international community should pool a broad consensus, and jointly promote the prevention and control of the COVID-19 epidemic and economic development, so as to overcome the epidemic and recover economic prosperity of the world at an early date.

When introducing the current economic situation of China, Li Keqiang said, in the face of serious impact of COVID-19 on China's economy, we have promoted epidemic prevention and control as well as economic and social development in a coordinated way, and improved and stablized economic situation. The major indicators in recent months have maintained a stable recovery, which indicates the strong resilience of China's economy. China has 120 million market entities and the Chinese people are industrious and intelligent. Supporting market entities, especially micro, small and medium enterprises (MSMEs) and self-employed individuals in great number and disperse, will help achieve the goal of creating more than 9 million new jobs in urban areas this year, stabilize the basic economic situation, and lay a foundation for future development.

Li Keqiang noted, we should refine macro policy adjustments, not only effectively alleviating the impact of the epidemic, but also maintaining sustainability. We have carried out reform to innovate the implementation of macro policies, established a mechanism for new financial funds that are distributed to the grassroots and directly benefit enterprises and people, improved the effectiveness and accuracy of policy implementation, and provided timely support for employment and livelihood of people and market entities. While implementing macro policies, we should also deepen our reforms to streamline administration, delegate powers, and improve regulation and upgrade services, and optimize the business environment, which will not only help enterprises relieve difficulties, but also energize market entities.

Li Keqiang noted, the Chinese economy continues to recover steadily in July and August, which constantly reveals the positive effects of macro policies. But the development of Chinese economy in the next stage is still facing the uncertainties of the world economy. When facing difficulties and challenges, in the process of keeping macro policies timely, effective and reasonable, we will focus on policy implementation, improve and enrich the connotation of policies in line with changes of the situation, and consolidate the momentum of economic stability and recovery. Through efforts, Chinese economic development can achieve the main goal of the year, and the annual economy is expected to achieve positive growth.

Li Keqiang pointed out, the current international environment is undergoing profound and complex changes with instability of the world economy on the rise. However, peace and development are still the theme of the era, and exchanges and cooperation are still the world trend. All sides should jointly shoulder the responsibility, support multilateralism, uphold the international order, and bring hope and confidence to people across the world. Free trade is advancing in twists and turns, but its general direction will not change, because the general trend of economic globalization remains unchanged. We need to jointly uphold trade and investment liberalization and facilitation, and restore global industrial and supply chains as soon as possible to reinvigorate the world economy.

Li Keqiang stressed, the Chinese economy has been deeply integrated into the global economy, China cannot develop in isolation from the rest of the world, and the world needs China for further development. No matter how the external environment may evolve, China will unswervingly deepen reform and open wider to the world. We should build a new, dual-cycle development architecture with the domestic cycle as the mainstay and with domestic and international development reinforcing each other. This dual circulation is not a closed domestic loop but an open dual one. We should not only fully tap the potential of the domestic market, but also make greater efforts to attract foreign investment and develop foreign trade, so as to realize a higher level of opening-up. China is the largest developing country in the world, and is in the stage of in-depth development of new industrialization, informatization, urbanization and agricultural modernization, with broad domestic demand. China will continue to broaden market access, protect the legitimate rights and interests of foreign investors, and create a market environment in which domestic and foreign-funded enterprises are treated equally and compete fairly. Given the premise of effective prevention and control of COVID-19, China will open up more "fast lanes" for personnel exchanges and "green channels" for goods clearance, so as to facilitate transnational operation of enterprises.

Following his address, Li Keqiang also answered questions from entrepreneur representatives around the world on international governance, the global industrial chain and foreign trade and economic cooperation.

He Lifeng and others were present.

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