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China’s State Council’s first meeting looks to private sector and foreign investment as part of economic plans
- Premier Li Qiang told a meeting of the new cabinet that they should continue to open up the country and further reform state-owned enterprises
- The country is aiming for 5 per cent growth in the face of international market turmoil and weak consumption at home
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Frank Tangin Beijing
China’s new cabinet, the State Council, has vowed to ensure the national economy continues to grow by focusing on precise and targeted policies to tap consumption potential.
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It further pledged to focus on the real economy by boosting the private sector and stabilising foreign investment amid persistent market doubts over China’s growth prospects due to growing external uncertainties, falling overseas orders and still weak consumption.
Markets and analysts are expecting further steps to achieve these goals – such as more spending and support for domestic companies – after the central bank announced a cut in the reserve requirement ratio.
New Premier Li Qiang said that the State Council will fully implement the decisions of the Communist Party’s Central Committee.
Every one of us must be a good implementer, a man of action, and a go-getter
“Every one of us must be a good implementer, a man of action, and a go-getter,” Li told a cabinet meeting, according to state news agency Xinhua.
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