Telling companies to spy is 'not how China behaves'

China announces plans to stabilise growth amid trade war with US

Chinese Premier Li Keqiang meets the press after the conclusion of the second session of the 13th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 15, 2019.

In 2018 China lowered banks' reserve requirement ratios five times to release more funding into the economy and further cuts are expected this year. Earlier this month, a hike in tariffs was put on hold because of promising progress, but US officials have recently noted that "major issues" remain.

Still, as U.S. China trade talks push on, there continues to be mixed signals about the likelihood of a possible positive outcome.

The law will become effective on January 1, 2020.

The law, created to ease concerns among foreign companies about the difficulties they face in China, will ban forced technology transfer and illegal government "interference" in foreign business practices.

"I believe that this is also the expectation of the world", Li said.

Li said the downward adjustment of the GDP growth target was made against the backdrop of a slowing global economy, as several worldwide organisations have recently lowered their forecasts for global growth this year.

"Moreover, we can deploy quantity-based or price-based policy tools such as reserve requirements and interest rates".

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"Keeping steady growth of China's economy in itself is an important progress", he said.

Similarly, there are 100 million children below six years who to need daycare centres, the premier said.

"It has delivered real benefits to the Chinese people, and it has benefited the world, so why won't we go ahead with it?" he said.

"China's economy will remain an important anchor of stability for the global economy", Li said.

In order to keep the country stable China will ensure the creation of more than 11 million new urban jobs this year, he said.

Li said the country will work to ensure employment of college graduates, whose number will reach a new high of 8.34 million this year.

"In terms of policy support - we may provide public rental housing units to private actors to provide services such as mobility, daycare, etc. Tax breaks may be provided to these service providers in terms of expenses on water, electricity and natural gas", he said.

In an attempt to boost exports by bolstering economic cooperation with its neighboring countries, Li said China will make efforts to realize a free trade agreement with Japan and South Korea, warning against rising protectionism across the globe.

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