The newly appointed Prime Minister of China, Li Qiang, said that the main priority of the government is the qualitative growth of the economy, while key attention will be paid to the needs of ordinary people in housing, income, education and healthcare.
He also added that the conditions for entrepreneurial activity will improve and that companies will be given equal treatment, regardless of the type of ownership. China's private sector has been rocked in recent years by massive regulatory measures targeting some of its most dynamic industries, including the Internet and private education.
The Prime Minister also said that the government will shift its focus to the development of technology and the so-called "green" industry. As for macroeconomic policy, he said that ensuring stability, increasing domestic and external demand, technological innovations and reducing risks will be important tasks.
Earlier this month, the government set a GDP growth target for 2023 at 5%, its lowest target in almost three decades, after the economy grew by just 3% last year. Li Qiang warned that it would not be easy to achieve 5% economic growth. But he noted that policymakers would push for growth, and said that non-state enterprises would have more opportunities for development.