In a recent government work report, Chinese Premier Li Qiang outlined China's strategy to navigate economic challenges and enhance stability across key sectors. Delivered at the opening of the third session of the 14th National People's Congress in Beijing, the report highlights a comprehensive approach to fostering high-quality development while ensuring greater security.
One of the primary focuses is the real estate market. China is committed to reversing the downturn by restoring stability through initiatives such as redeveloping urban villages and renovating old and dilapidated houses. These efforts aim to create more sustainable and livable communities, addressing both economic and social needs.
Premier Li also emphasized the importance of mitigating risks within local governments. The government plans to refine evaluation and control measures, adjusting the list of high-debt localities to open up new investment opportunities. By taking prudent steps, China seeks to create a safer and more resilient economic environment.
Additionally, the report addresses the risks facing small and medium-sized local financial institutions. China intends to promote their transformation through market- and law-based methods, ensuring these institutions can thrive in a dynamic economic landscape.
Overall, China's strategic plans aim to balance development with risk management, paving the way for a more stable and prosperous future.
Reference(s):
cgtn.com
