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Li: Economy can conquer challenges

By Zhao Huanxin in Tianjin(China Daily) Updated: 2016-06-28

He also said the British vote last week to leave the European Union had already had an impact on international financial markets, adding new global uncertainties.

"We would like to see a united and stable EU, as well as a stable and prosperous Britain," he said.

Li said that in the context of globalization, no country can talk about its own development without discussing the world economic environment.

He proposed structural reform, industrial upgrades and efficient global governance as ways to get the world economy on a track to steady recovery.

Li vowed to continue reducing excess capacity in the steel and coal sectors in "a market-oriented and lawful" manner, and to take measures to re-employ steel workers and coal miners made redundant.

Gary Coleman, global industry and senior client adviser at Deloitte Consulting, said Li has been very consistent in encouraging innovation and entrepreneurship and setting a business-friendly public policy.

"I was particularly interested in his comments on pro-growth economic policies around lower taxes and a larger number of sectors being available for foreign participation," he said.

Ondrej Frydrych, CEO of Home Credit Consumer Finance Co, said: "I agree with Li on the assessment of the current macro status for the Chinese economy. … We are confident and optimistic in this country, and there is no doubt about it."

Cai Xiao and Zhong Nan in contributed to this story.

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