Chinese premier calls for ‘tangible, effective, accessible’ policies to aid economy

Premier Li Qiang called on China to explore and introduce incremental policies that are “tangible, effective and accessible to both the public and businesses”, as increasing external headwinds and prolonged weak domestic demand are creating challenges to the annual economic growth target.

Analysts said Beijing was likely to opt for an expanding fiscal policy for the rest of the year to boost consumption, predominantly by making full use of its treasury bonds.

“We must expedite implementation of existing policies, explore and introduce new, incremental measures that are tangible, effective and accessible to both the public and businesses,” the premier told an executive meeting of China’s State Council on Wednesday that discussed the economic work plan for the second half of the year.

Li also urged greater macro support, stabilisation of market expectations, boosting market confidence and nurturing future industries.

Beijing is seeking to address China’s thorny economic issues following weakening growth momentum in the second quarter, which was largely created due to sluggish domestic demand.