Premier Li: Transform government functions to bring out market vitality

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Chairing a plenary meeting of the State Council, Premier Li Keqiang said "China should stick to the principle of pursuing progress while ensuring stability, and properly manage the timing, selection and intensity of macro-control policies."

Photo via Chinese Government official website

He also called for solid efforts in economic restructuring to maintain steady growth while moving toward high-quality development.

"China should keep deepening reforms, focus on transforming government functions to further bring out market vitality," Li said.

"Unswerving efforts should be pushed to expand opening-up to allow local and foreign businesses to compete fairly in the Chinese market," the premier said.

A Chinese citizen is using the self-service machine. /Xinhua Photo

He also stressed that the government should adhere to people-centered, ensure the basic livelihood of the people, and form a relatively perfect guarantee mechanism in the key areas such as poverty alleviation, employment, compulsory education, medical care and pension.

Premier Li Keqiang delivered the annual Government Work Report at the opening meeting of the first session of the 13th National People's Congress in March saying that China would continue to open up its markets and remove foreign ownership caps on banks, brokerage houses and fund management firms.