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17 March 2019, 01:40 | Devin Moran
Premier: China needs 'strong measures' to support economy
China's population above 60 years has touched 420 million and that of children over six years to 100 million, putting heavy pressure on nursing services and day care centres, Chinese PremierLi Keqiang said on Friday.
The central bank has cut banks' reserve requirement ratios (RRR) five times in the past year, with a two-stage RRR cut in January releasing a total of 1.5 trillion yuan ($A315.82 billion) into the financial system. The Foreign Investment Law was passed Friday during the NPC's closing session. Earlier this month, a hike in tariffs was put on hold because of promising progress, but USA officials have recently noted that "major issues" remain.
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.
The law will offer better legal support to the protection and attraction of foreign investment, as well as regulate government behaviours, Li said.
"There is none of that now, and there never will be (any of it) in the future", Li told journalists at a press briefing marking the end of China's yearly parliamentary meeting.
Li said, "We certainly need to take strong measures to cope with rising uncertainties that we face this year".
"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 announces plans to stabilise growth amid trade war with US
"China and the United States as two large economies have become closely entwined through years of growing their relationship and years of cooperation", Li said.
"China's economy will remain an important anchor of stability for the global economy", Li said.
Innovative measures are needed to address the shortages of such services to meet public demand, Li said, adding that developing community-based nursing services for the elderly and infants can help as nursing facilities in communities can be more accessible to people.
It will prevent zero-employment families and provide more policy support to companies that hire more people.
President Donald Trump and China's leader Xi Jinping were originally expected to meet at the end of March to sign an anticipated deal, but now that has reportedly been pushed back to sometime in April.
His comments came after increased worldwide scrutiny of Chinese telecommunications giant Huawei Technologies Co Ltd, which has been caught in the cross-fire as trade tensions ratcheted up.
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