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Category: CHINA

Published: Sunday, 15 March 2015 22:02

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Environmental Protection Law to be fully implemented: Premier Li

   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)