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Premier Calls for Confidence Boost

Premier Wen Jiabao called on domestic companies to boost confidence to help China cope with the global financial crisis. He made the comments during his three-day inspection of companies in Shanghai and Zhejiang Province, which ended on Sunday.

Wen said buoying up confidence was "a powerful weapon to deal with the adverse effects of the global economic turbulence and financial turmoil."

"Businesses must have confidence in order to stabilize market expectations," he said. "Confidence is what they need to make it through the difficult times."

Wen said the private sector played an important role in maintaining China's economic growth momentum, creating more jobs and maintaining social stability.

"Great attention should be paid to the difficulties and challenges private companies face, and more supportive policies should be enacted to create a sound environment for their development," he told local officials.

Wen encouraged private companies to adapt to market changes, make efforts to innovate, establish well-known brands with independent intellectual property rights, improve their competitiveness and enhance their risk-resistance.

During his tour, Wen inspected private enterprises and large-scale firms.

While in Zhejiang's Yiwu City, one of the country's commodities-trading centers, he encouraged business people to focus on the domestic market while simultaneously strengthening their market positions overseas.

Wen stressed that large-scale enterprises played a crucial role in the national economy and in social development, and said great efforts must be made to ensure their healthy development.

He encouraged big companies to conduct mergers and restructuring programs, eliminate outdated production capacity and increase investment in research and development.

(Xinhua News Agency November 24, 2008)

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