China to maintain macroeconomic policy in 2018

Chinese Premier Li Keqiang presides over a symposium attended by economists, entrepreneurs and senior government officials in Beijing, capital of China, Nov. 7, 2017. Chinese Vice Premier Zhang Gaoli and Vice Premier Wang Yang, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, attended the symposium. (Xinhua/Xie Huanchi)

Premier Li Keqiang said Tuesday that China would maintain the stability of its macroeconomic policy, and continue reform and opening up in 2018.

Li made the remarks at a symposium attended by economists, entrepreneurs and senior government officials.

The government will also further cut taxes and fees for companies to reduce"institutional transaction costs," Li said.

The premier said China's economy this year had performed"better than expected," a strong response to the"hard landing" scenario, which had been predicted by some.

He also cautioned that unstable and uncertain factors remained outside China, deep-rooted structural problems were still prominent in the Chinese economy, and that many risks could not be ignored.

China's economy continued its firm growth with gross domestic product expanding 6.9 percent year on year in the first three quarters, above the government target of 6.5 percent for the year, according to official data.

Li said that for 2018 China would also work to let the market play a decisive role in allocation resources, and better play the role of government.

He said the government would encourage more social entities to start companies and innovate, and make Chinese economy more deeply integrated into the world economy.

The premier said China should prioritize quality and efficiency when developing its economy, and deepen supply-side structural reform.

He also called for the accelerating cultivation of new growth engines and the transformation of traditional growth drivers with China's"Internet Plus" and"Made in China 2025" strategies.