MNI BRIEF: NPC: Expanding Consumption Is Priority - Li Keqiang

A recovery and expansion of consumption would be a priority this year as Beijing aims for a “full economic recovery” in 2023, said outgoing Premier Li Keqiang in his Work Report to China's National People's Congress on Sunday.

Li said the government planned to boost incomes and subsidise big-ticket items as a way to support a rebound in spending and services. Youth employment was also high on the agenda, with Li saying measures would be taken to implement “employment-first policies”.

Beijing will help leading real-estate developers improve debt-to-asset ratios and promote stable development of the sector. More help should be given to first time buyers, new urban residents and young people, the report said. Li said improvements to elderly care and childbirth would also be targeted, along with support for private business and SMEs.

On trade, the report said China would continue to leverage exports as a driver of economic growth, and take active measures “to see that China joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)”. It was important that foreign funded companies received equal treatment within China, Li said.