'China's No. 2' Premier Emphasizes 'Opening and Private Sector Development' in Inaugural Speech (Comprehensive)

"Growth Around 5% Is Not an Easy Goal... Efforts Are Needed"

Li Chang, the newly appointed Premier of the State Council of China, known for his pro-business stance, emphasized openness and private sector development in his inaugural remarks.

At a press conference held immediately after the closing ceremony of the National People's Congress (NPC) at the Great Hall of the People in Beijing, Premier Li stated, "We have always said that reform and opening-up were the crucial means that determined the fate of contemporary China. In the next phase of realizing modernization in China, in the historic process of achieving the second centenary goal (building a socialist modernized country by 2049), we still believe that we must continue to 'eat the rice of reform' and walk the path of opening-up."

[Image source=Yonhap News]

He continued, "We must adhere to the reform orientation of the socialist market economy, maintain a high level of opening-up, and deepen reform and opening-up to continuously enhance the driving force and vitality of our country's development," adding, "We will focus our efforts on achieving high-quality development." He mentioned stable growth, stable prices, and stable employment as key development factors.

Furthermore, he explained, "Although the total size of China's economy remains the second largest in the world, development is unbalanced and inadequate." He emphasized the need to enhance scientific and technological innovation capabilities and accelerate the construction of a modern market system to promote high-quality development.

Li, who has shown a pro-business inclination around his tenure as Shanghai Party Secretary, also stressed the importance of private enterprise development at this event. He emphasized, "The environment for private enterprise development will improve, and the space for development will expand."

Regarding the growth target of "around 5%" announced by the Chinese government on the 5th, he said, "It is not easy to achieve," and added, "We must work harder." He further emphasized, "We must thoroughly implement the policy decisions of the Party Central Committee, turn the blueprint established by the 20th Party Congress (Communist Party National Congress) into a construction plan, and together with the people of the whole country, steadily transform the blueprint into a beautiful reality."