Chinese Premier Meets Press: Li Keqiang: Government to further cut taxes and fees

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02:34

Chinese Premier Li Keqiang took questions from the domestic and international media soon after the conclusion of the National People's Congress annual session earlier today. CGTN's Hou Na was at the press conference at the Great Hall of the People, and brings us this report.

China's economy and its foreign relations dominated the two-and-half-hours Q&A session. The premier said despite an economic slowdown, the country was determined not to use large-scale quantitative easing to prop it up. Instead, the government would look to revitalize the market through high-quality development and measures aimed at boosting consumption.

LI KEQIANG CHINESE PREMIER "Tax and fee cut means government's income will fall, but the growth of fiscal spending will be in line with the GDP growth this year, especially to ensure spending on key areas such as people's livelihood."

The premier touched on the importance of creating more jobs, as this would drive social prosperity. He added that maintaining stable economic growth was critical to the future of businesses and their employees. On China-U.S. relations, Li said he was optimistic the sides could find the will to resolve their current impasse.

LI KEQIANG CHINESE PREMIER "As for the differences and disagreements, we have confidence that people of the two countries have the wisdom and capability to diffuse their differences and manage them properly to pursue steady and sound growth of the China-U.S. relationship that is in keeping with the trend of the times."

Regarding the Korean Peninsula, Li said all sides need to exercise patience and be aware of opportunities. He stressed the importance of getting the DPRK and the U.S. back to the negotiating table after the summit in Hanoi ended without an agreement last month. He added Beijing was committed to a denuclearized Korean Peninsula and hoped that peace and stability could be maintained.

HOU NA, CGTN, BEIJING.