Premier Li Keqiang underlined on Tuesday the importance of maintaining a stable macroeconomic policy and better using countercyclical tools to make policies more effective and sustainable, and to boost market confidence.
While presiding over a symposium to garner experts' and business leaders' advice on the economy's performance, Li said it is important to refine fiscal, monetary, employment and regional development policies and to come up with regulations as needed. He added that the coordination of policies and their transmission and implementation must be further improved.
China's GDP growth slowed to 6 percent year-on-year in the third quarter, the lowest quarterly expansion in 27 years. Manufacturing activity shrank for the sixth consecutive month in October, with the purchasing managers index for manufacturing coming in at 49.3, according to the National Bureau of Statistics. A reading below 50 indicates contraction.
The premier said the economy is faced with mounting downward pressure, as the outside environment becomes even more challenging. Soaring pork prices, which helped drive the consumer price index up by 3.8 percent year-on-year in October, and heightened difficulties for businesses are other challenging factors.
Li vowed greater support for the real economy, especially for small and medium-sized enterprises and private businesses.
Special bonds issued by local governments must be put to better use so as to guide more social capital to invest in areas that strengthen weakness and benefit public livelihood, he said.
Li urged efforts to improve the employment-first policy and to continue to support businesses in stabilizing jobs and expand the job market. There must be greater strides in reform and opening-up to further stimulate market vitality and social creativity, he said.
Li also called for greater breakthroughs in reform to streamline administration and boost compliance oversight and government services to remove hidden barriers to help businesses make new investments.
He pledged more measures to encourage businesses to seize opportunities arising from the country's higher level of opening-up and actively take part in international competition.
He also stressed the role of innovation in science and technology as well as the Internet Plus plan to enable new growth engines to better support economic expansion.
In better ensuring and improving public livelihood, the premier said related mechanisms and policies will be refined to attract more involvement from social capital.
It is important to tap into market potential by focusing on public demand and to boost the development of services including care for seniors and day care for infants, he said.
Li also called for stronger measures to restore hog production and remove unreasonable restrictions on pig farms to ensure market supply and curb steep price hikes.