China will continue to boost range-based, targeted and discretionary macro regulation this year, Premier Li Keqiang said on Friday.
The country will promote structural reforms, especially supply-side structural reforms, and use fiscal and monetary policies, as well as policies on industry, investment and prices, to create stable conditions for economic growth, Li said at the fifth plenary meeting of the State Council.
Participants in the meeting discussed a government report and a draft of the 13th Five-Year Plan, which will both be deliberated at the Fourth Session of the 12th National People's Congress, China's top legislature, which will open on March 5.
Both documents will be sent to local governments and departments for feedback.
The 13th Five-Year Plan period is crucial for China to build a moderately prosperous society in all respects by 2020, and to overcome the middle income trap, the premier said.
Li said the country will carry out the development concepts of innovation, coordination, green development, opening up and sharing proposed by the Chinese leadership in the country's roadmap for social and economic development covering 2016-2020.
This year is the start for the 13th Five-Year Plan period and the government faces tough tasks to fulfill the annual targets as many international institutions have lowered the forecast of growth rate of the global economy, while domestic conflicts are growing prominent, he said.
China will further invigorate the market and cultivate new growth drivers, and focus on weak links to reverse the slumping industrial profits, maintain steady growth of imports and exports, expand effective investment, and boost reforms of the state-owned enterprises, he said.
He urged watching out for signs of risks and stabilizing market expectation.
