New Chinese Premier Li Qiang seeks to reassure private sector as parliament wraps up

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New Chinese Premier Li Qiang seeks to reassure private sector as parliament wraps up
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Premier Li Qiang said during a news conference that China will take measures to boost jobs and urged officials at all levels to ‘make friends’ with entrepreneurs

New Chinese Premier Li Qiang sought to reassure the country’s private sector on Monday, saying the environment for entrepreneurial businesses will improve and that equal treatment would be given to all types of companies.during the annual session of China’s parliament and is tasked with reviving the world’s second-largest economy after three years of COVID curbs.

Li faces challenges including weak confidence among consumers and private industry, sluggish demand for exports and worsening relations with the United States. “Private entrepreneurs or enterprises will enjoy a better environment and broader space for development … we will create a level playing field for all kinds of market entities and we will make further efforts to support private entrepreneurs to grow and thrive,” he added.

The government should address the easier access to financing state-owned companies currently enjoy over their private sector counterparts, as well as consider more stimulus measures for private companies hit hard by three years of COVID, according to Alfredo Montufar-Helu, head of think tank The Conference Board’s China Center.

Earlier on Monday, Xi said China needs security to develop and must modernize its military to make it a “Great Wall of Steel”, calling for China to step up its ability to safeguard national security and manage public security.in a precedent-breaking third term as China’s president. Xi said China will distribute the fruits of development more equitably, in an effort towards “common prosperity”, his signature policy of reducing the wealth gap by ways such as asking private firms to pitch in.

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