At the opening meeting of the third session of the 14th National People's Congress in Beijing, Chinese Premier Li Qiang presented a comprehensive work report on the State Council's plans to navigate the Chinese mainland's path towards sustained growth and enhanced security.
The report emphasizes a step-by-step approach to mitigate risks while fostering positive interactions between high-quality development and greater security. A key focus is on stabilizing the real estate market by addressing the downturn and restoring stability through initiatives like redeveloping urban villages and renovating old, dilapidated houses.
To further ensure economic resilience, the report pledges to take prudent measures to defuse local government risks. This includes refining evaluation and control mechanisms, making timely adjustments to the list of high-debt localities, and creating new avenues for investment.
Additionally, the Chinese mainland is set to address risks in small and medium-sized local financial institutions. The strategy involves promoting their transformation through market- and law-based methods, ensuring a robust and stable financial landscape.
These proactive steps reflect the Chinese mainland's commitment to maintaining economic stability and fostering an environment conducive to sustainable growth, aligning with global standards and investor expectations.
Reference(s):
cgtn.com
