Li: China eyeing rates, other policy steps to help economy

Premier: China needs 'strong measures' to support economy

"In actual practice, our goal is to generate the same amount of job opportunities as we did past year, which is over 13 million", Li told a press conference after the conclusion of the annual session of China's national legislature.

The country will encourage business start-ups and innovation to create more job opportunities, he said.

The plan to cut value-added tax for manufacturers - which would help the struggling sector - would take effect on April 1, with social insurance fee reductions coming May 1, Li said.

Li also sought to soothe concerns that the tax cuts soon rolled out by the government will weigh on local finances, promising the central government will offer support to provinces in central and western China via payment transfers.

Even if we accelerate building elderly nursing homes and multi-functional kindergartens, the supply shortage may not be completely eased due to the rapid population ageing in China, he said.

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It will prevent zero-employment families and provide more policy support to companies that hire more people.

The main job of the government is to ensure fair market access and enhanced market oversight to ensure these services are both safe and reliable, Li added.

Washington and Beijing have been locked in a tit-for-tat tariff battle as US presses China for an end to practices and policies it argues have given Chinese firms unfair advantages, including subsidizing of industry, limits on access for foreign companies and alleged theft of intellectual property.

He also projected the new foreign investment law approved by the NPC in the shortest possible time could be a main driver of growth in future.

The law will offer better legal support to the protection and attraction of foreign investment, as well as regulate government behaviours, Li said. "This is not how China behaves", Li told reporters on Friday morning in Beijing after being asked whether China would ask Chinese companies to spy on other countries. The talks and tensions stretch far beyond trade and tariffs. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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