BEIJING: Chinese government will focus on fully implementing the newly-revised Environmental Protection Law this year, Chinese Premier Li Keqiang said on Sunday at a press conference after the annual national legislative session concluded.
He warned that polluters will pay a heavy price for their illegal acts, while all businesses involved in illegal production and emissions, no matter what kind of business they are, will be brought to justice and held accountable.
More supports will be given to environmental law enforcement departments including capacity building, he added.
Li stressed that the law enforcement departments should also have the courage to take charge and fulfill their duty while nonfeasance will be held accountable and abuse of power and breach of duty will be punished.
The law must work as a powerful, effective tool to control pollution instead of being “as soft as cotton candy,” he said. (People’s Daily)
China capable of preventing systemic or regional financial crises: Li Keqiang
China is capable of preventing systemic or regional financial crises while allowing market-ruled liquidation in individual and isolated cases, Chinese Premier Li Keqiang said on Sunday at a press conference after the annual national legislative session concluded.
“It is true that there are individual and isolated cases of financial risks, but at the same time, we are fully capable of preventing systemic or regional financial crises,” the premier said.
This is because the Chinese economy continues to operate within the proper range and there is a fairly high savings rate in the country he said. And more than 70 percent of local government debts are in the form of investment which promise strong returns.
“We are also regulating these financing platforms to ensure that we keep the front door open while blocking the back door,” he added.
The premier also clarified potential financial risks involving the banking system, pointing to “fairly high capital adequacy ratios and relatively ample provisions” with the country’s banks.
“It is true that there are non-performing loans (NPLs) and the NPL ratios have picked up somewhat, but the NPL ratios in China are still quite low from an international context,” he said.
While allowing the market to rule individual and isolated cases of financial risks, China will encourage balanced, market-based bookkeeping to guard against possible ethics violations and raise awareness of risks, Li said.
Chinese authorities will also introduce a deposit insurance system this year and continue to develop a multiple-tiered capital market so as to lower companies’ leverage ratios and help ensure financial services to better serve the real economy, said the premier. (People’s Daily)
China willing to build major-country relations with US: Li Keqiang
China is willing to build new type of major-country relations with the US based on no conflict, no confrontation, mutual respect and win-win cooperation, Premier Li Keqiang said on Sunday at a press conference after the annual national legislative session concluded.
Chinese President Xi Jinping’s planned US visit in September this year will inject new impetus into the development of China-US relations, he added.
Li stressed that while China and the US have their divergences, they also share broad common interests.
“The ongoing China-US investment treaty negotiations have sent a clear signal to China, the US and the whole world at large that Sino-American economic and trade relations, a ballast of bilateral ties, will become closer,” said Li. (People’s Daily)
