Chinese Premier Li Keqiang on Wednesday called for solid efforts to carry out the country's policies to stabilize economic recovery.

To reverse a downturn in the second quarter inflicted by unexpected factors, China has rolled out a raft of macroeconomic policies and successive measures, with a high priority on stabilizing economic growth. Efforts have also been put into safeguarding market entities, steadying prices and catalyzing demand, Li said.

Thanks to these efforts, the economy began to recover and regain its overall stability in the third quarter, the premier said.

Looking forward to the fourth quarter, Li said many policies are expected to play a greater role during the period.

The country must seize the timeframe to anchor market expectations and ensure the full implementation of policies so that the economy runs within an appropriate range, said Li.

Financial policies

To spur weak domestic demand, the country needs to seek more approaches to boost effective investment and consumption, and give full play to market entities and social capital, he said.

While making full use of the policy-backed and development-oriented financial instruments to expedite infrastructure construction, the country should allocate special reloans and interest subsidies to speed up equipment upgrades in the manufacturing, service and social service industries. Part of the 2023 quota for the special-purpose bonds will also be front-loaded.

Housing and logistics 

With regard to the housing market, Li said that the country would formulate region-specific measures to meet the demand from both first-time home buyers and home upgraders, and ensure timely deliveries of pre-sold housing.

He also called for efforts to guarantee smooth logistics and a steady supply of coal and electricity, adding that the country's economic powerhouses should play their underpinning role in stabilizing the economy.

Livelihoods

Concerning people's livelihoods, Li urged the country to gradually expand the coverage of basic living allowance. He said that the central budget would subsidize local governments in terms of new expenditure in this regard.

Migrant workers returning to their hometowns will also be incorporated into the country's unemployment relief and subsidy work, the premier added.

The NDRC's plan

China's National Development and Reform Commission (NDRC) pledged on Thursday at a press conference to ensure the implementation of policies aimed at encouraging foreign investment.

The country's top economic planner announced it would speed up the publication of the 2022 Catalogue of Encouraged Sectors for Foreign Investment, which will be expanded to more fields and areas.

The NDRC will launch revised policies and measures soon to encourage foreign investment and promote the implementation of major investment projects that have been approved.

(With input from Xinhua)