Chinese PM stresses foresight in economic policymaking

Premier Li Keqiang has underlined the importance of foresight in economic policymaking, calling for focusing on economic transformation and upgrading through deepened reform. Li made the remarks while chairing a seminar on macroeconomics, foreign trade, finance and real estate attended by scholars and entrepreneurs. Li said the Chinese economy had a smooth start this year, but the country still faces a complex situation due to instability and uncertainty in the domestic and international environment. "To better grasp the curve of the economy, it is imperative to strengthen foresight," Li said, adding that this will be crucial for the sustained and sound development of the economy. Li said macroeconomic decision-making requires both keeping a steady footing and eyeing long-term economic upgrades. While effectively coping with short-term problems and maintaining reasonable growth, more efforts should be made to improve the quality and benefits of development, with a focus on promoting economic restructuring and upgrading, expanding employment and increasing people's incomes, he said. He said the impetus for sustained development lies in deepening reform, urging targeted policies to cure not only "symptoms" but deeply-rooted problems in the Chinese economy. If interim measures have to be carried out, they should not set up barriers for promoting market-oriented reform and development in the future, he said. Li called for making long-term effective policy arrangements to unleash the dividends of reform and boost the sustained development of the economy. The premier said he hopes scholars and experts can advise the government and foster a societal environment conducive to deepening reforms and promoting economic upgrading. Scholars and experts from multiple universities and research institutions, as well as entrepreneurs from different sectors, attended the seminar, which was the first of its kind to be organized by China's new government since its inauguration.