Economic news

China vows to ensure normal operations during institutional reforms

2023.03.14 09:14


© Reuters. Chinese Premier Li Qiang waves as he leaves a news conference following the closing session of the National People’s Congress (NPC), at the Great Hall of the People, in Beijing, China March 13, 2023. REUTERS/Florence Lo/Pool

BEIJING (Reuters) – China will carefully implement state institutional reforms and ensure orderly operations, state media reported, citing the first cabinet meeting chaired by the new premier Li Qiang on Tuesday.

Li, the former Communist Party chief of Shanghai, was installed as premier on Saturday during the annual session of China’s parliament and is tasked with reviving the world’s second-largest economy after three years of COVID-19 curbs.

The institutional reforms remain “a major political task at present” and China will make sure that all the work is carried out normally, state media reported, citing comments from the meeting.

“The institutional reforms should be taken as an opportunity to adapt to the needs of building a new development pattern and promoting high-quality development.”

Last week, China’s parliament approved a plan for a sweeping reform of central government institutions, including the formation of a financial regulatory body and national data bureau and a revamp of its science and technology ministry.

Analysts and investors said the new financial watchdog, the National Financial Regulatory Administration, will help bridge regulatory gaps, but it may also consolidate power at the top and could introduce more state and party intervention.

The new cabinet chaired by Li faces the challenge of getting the economy back on track after COVID-19 restrictions, weak consumer and business sentiment, slow global growth and geopolitical uncertainties.

The National Bureau of Statistics will release the country’s economic activity data for the first two months combined on Wednesday, offering a snapshot to measure the strength of economic revival after the lifting of the anti-virus curbs late last year.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 80,728.63 2.47%
ethereum
Ethereum (ETH) $ 1,849.09 1.92%
tether
Tether (USDT) $ 0.999736 0.03%
xrp
XRP (XRP) $ 2.26 1.02%
bnb
BNB (BNB) $ 577.54 2.74%
solana
Solana (SOL) $ 122.62 1.96%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.703577 4.01%
dogecoin
Dogecoin (DOGE) $ 0.165017 2.02%
tron
TRON (TRX) $ 0.223537 0.05%
staked-ether
Lido Staked Ether (STETH) $ 1,848.89 1.82%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20 0.10%
pi-network
Pi Network (PI) $ 1.64 1.51%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 80,552.58 2.55%
leo-token
LEO Token (LEO) $ 9.69 0.15%
stellar
Stellar (XLM) $ 0.271118 5.13%
usds
USDS (USDS) $ 1.00 0.03%
chainlink
Chainlink (LINK) $ 12.94 2.49%
hedera-hashgraph
Hedera (HBAR) $ 0.186742 5.90%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,201.17 2.05%
avalanche-2
Avalanche (AVAX) $ 18.29 0.93%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.56%
sui
Sui (SUI) $ 2.15 3.85%
the-open-network
Toncoin (TON) $ 2.74 0.74%
litecoin
Litecoin (LTC) $ 87.33 4.06%
bitcoin-cash
Bitcoin Cash (BCH) $ 328.11 7.21%
mantra-dao
MANTRA (OM) $ 6.35 2.48%
polkadot
Polkadot (DOT) $ 3.90 1.76%
ethena-usde
Ethena USDe (USDE) $ 0.99944 0.00%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.99972 0.08%
weth
WETH (WETH) $ 1,848.70 1.94%
bitget-token
Bitget Token (BGB) $ 4.15 0.96%
hyperliquid
Hyperliquid (HYPE) $ 12.78 3.41%
whitebit
WhiteBIT Coin (WBT) $ 28.11 2.34%
monero
Monero (XMR) $ 205.71 0.53%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,961.16 2.09%
susds
sUSDS (SUSDS) $ 1.04 0.02%
uniswap
Uniswap (UNI) $ 5.77 1.50%
dai
Dai (DAI) $ 0.999837 0.04%
aptos
Aptos (APT) $ 4.99 3.01%
near
NEAR Protocol (NEAR) $ 2.54 0.05%
pepe
Pepe (PEPE) $ 0.000007 0.40%
ethereum-classic
Ethereum Classic (ETC) $ 17.67 1.35%
ondo-finance
Ondo (ONDO) $ 0.821884 4.06%
internet-computer
Internet Computer (ICP) $ 5.38 1.32%
aave
Aave (AAVE) $ 166.05 2.59%
okb
OKB (OKB) $ 41.05 0.68%
gatechain-token
Gate (GT) $ 20.09 0.12%
mantle
Mantle (MNT) $ 0.731981 2.58%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 80,636.60 2.55%