Laid-off workers a priority as China cuts overcapacity, Premier says

Miranda GreerMar 16, 2017

Chinese Premier Li Keqiang said Wednesday that authorities are actively considering cooperation in the bond market this year, signaling that China could launch a program connecting bond markets in the mainland and Hong Kong soon.

In his press conference after the parliament meeting, Li said that a "substantive progress" is now made for the code's draft.

Goldman Sachs analyst Kinger Lau told the China Daily that the cross-border stock link was likely to become the most important source of capital inflows to the city this year, having already surpassed US$8 billion (S$11.3 billion) so far.

Beijing has downplayed the possible fallout from Britain's withdrawal from the European Union, with Foreign Minister Wang Yi saying the challenges facing the continent are a chance to make the EU stronger.

Tillerson is expected to pave the way for the first face-to-face summit between Trump and President Xi Jinping, a meeting that will reportedly be held at Trump's Mar-a-Lago resort in Florida early next month.

The Trump administration has stirred concern in Europe due to doubts about North Atlantic Treaty Organisation and countering Russian Federation in Ukraine, as well as over free trade.

"China has no intention to devalue its currency to boost exports", said Li.

Mr Trump has yet to follow through on his tariff threats and he reaffirmed Washington's commitment to the One China policy in a February phone call with Mr Xi.

"If we meet the growth target this year, the size of expansion will be bigger than the growth last year", Li said.

"We are committed to make China a highland of opening up and a popular destination of investment, and share the development opportunities with the world", Li said.

Hong Kong is a part of China but operates under the "One Country, Two Systems" approach, which allows the city to run its own affairs.

Li cited a report which he said indicated that if a trade war occurred, "foreign-invested companies, in particular USA firms, would bear the brunt of it".

Trump has also castigated China for its military presence in the South China Sea.

"China will continue to remain engaged in the liberalization of global trade", he said.

"As for the projected target of GDP growth this year at about 6.5 percent, I have read some foreign media describing it as a move by the Chinese government for moderate downward adjustment of GDP growth", Li said. "It also shows the high level of complementarity of our economies", said the Premier of the State Council of China.

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