Assessing Premier Li's press conference
- By Jon Taylor
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E-mail Beijing Review, March 18, 2016
Highlights of the press conference
While Premier Li's work report at the opening of the National People's Congress is important, the observations made by the Premier at the post-Lianghui press conference can resonate for months after the event. Contrary to the beliefs of some, the annual post-Lianghui press conference is not some purposeless political exercise. Rather, it provides insight into the government leadership's thinking for the next year and beyond.
Speaking to both foreign and domestic reporters in the Great Hall of the People, Premier Li gave a clear and honest assessment on China's fundamentals. In a nearly two and a half hour press conference, Premier Li focused on the economy, the people's livelihood, and foreign policy.
After the Premier's opening statement, he attempted to lay out the government's plan to offer financial support for the real economy and small businesses amid China's economic slowdown concerns.
- Economic issues
"Moral hazards sharpen our vision for most effective regulation."
Premier Li emphasized China's intent to strengthen regulatory market measures and reiterated his reform narrative and pledged to create a full-fledged regulatory regime.
Noting that there were major challenges in financial markets, the Premier emphasized China's pro-growth measures that have been put in place thus far, including cuts in interest rates, which he cautioned should not be labelled as quantitative easing. The Premier noted that the country's growth was on track and that "It's impossible for me to (agree) that China is unable to meet the decided target." Specifically, he stated that China is in a good position to defuse financial risks and that the economy will not suffer hard landing.
Premier Li offered reassurances that the Chinese economy was safe and sound, and that Beijing had learned from last year's stock market tumultand exchange-rate missteps.
He stated that while China's economy faces difficulties, there's also hope – much more hope than difficulties by stating "Hardship and hope coexist in the Chinese economy, with more hope than hardship." The Premier made it a point to emphasize that "China will not suffer a hard economic landing." Premier Li granted that while the Chinese economy faces a daunting challenge of restructuring, the economy as a whole "has great potential."
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