Chinese premier says reforms, not stimulus, vital for growth

SINGAPORE — Chinese Premier Li Keqiang says the country needs reforms to support business to help drive growth as it weathers a trade war with the U.S., rather than more economic stimulus.

Li said Tuesday in Singapore that China can energize its slowing economy by adjusting policies, such as streamlining bureaucratic procedures like business registrations, taxes and fees.

"Despite the downward pressure, we will not resort to massive stimulus. We will make adjustments as appropriate. We want to energize the market, in particular, market entities, and we have the conditions to do that," Li said in a wide-ranging lecture that touched on China's role in regional development.

He said the government will "crack down harshly" on businesses that infringe on patents and other intellectual property rights and engage in "other cheating activities."

China and the U.S. are locked in a trade dispute over Washington's complaints that China uses predatory tactics to acquire technologies a drive to supplant U.S. technological supremacy.

He stressed that the government would "crack down harshly" on businesses that infringe intellectual property rights and engage in "other cheating activities."

"China will not stop in its opening up. The door will only open wider and China will continue to deepen reform. Reform and opening up have brought China to where it is today," Li added.

China and the U.S. are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant U.S. technological supremacy. The two countries have raised import duties on billions of dollars of each other's goods, including soybeans, electric cars and whiskey.

Li expressed hopes for a compromise. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are set to meet at the Group of 20 summit in Argentina this month.

"The stable development and sound progress of such a pair of relationship benefits both countries and the larger world. Otherwise, it will affect the whole world," Li said.

"We hope that negotiations will be carried out on the basis of mutual respect, balance, mutual benefit and good faith, so that a solution can be found acceptable to both sides," he added.

Li is on an official visit to Singapore ending Friday. He is set to participate in the 33rd ASEAN Summit and its related events.

Related News

Trump breaks ice with China's Xi in letter...

Feb 9, 2017

US-USA-TRUMP-CHINA:Trump breaks ice with China's Xi in letter seeking 'constructive' ties

New Zealand central bank shifts focus to external...

Feb 9, 2017

US-NEWZEALAND-CENBANK-ASSISTANTGOV:New Zealand central bank shifts focus to external risks:...

Philippine minister says mine closures in...

Feb 9, 2017

US-PHILIPPINES-MINING:Philippine minister says mine closures in watershed areas non-negotiable

Australian banks face renewed push for intrusive...

Feb 9, 2017

US-AUSTRALIA-BANKS-INQUIRY:Australian banks face renewed push for intrusive inquiry

Pope says 'at peace' confronting Vatican...

Feb 9, 2017

US-POPE-CORRUPTION:Pope says 'at peace' confronting Vatican corruption, sex abuse

Macquarie, ING join Apple Pay in Australia in...

Feb 10, 2017

US-APPLE-AUSTRALIA-BANKS:Macquarie, ING join Apple Pay in Australia in challenge to Big Four

Search
Financial Markets

Sign up now!