China will offer Taiwan ‘preferential policies’

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Premier: China needs 'strong measures' to support economy

China's No. 2 leader on Friday denied Beijing tells its companies to spy overseas, refuting US warnings that Chinese technology suppliers might be a security risk.

He spoke at a news conference shortly after the National People's Congress approved a new law which bans officials from forcing foreign firms to hand over technology to Chinese companies. Li's comments at the close of the annual parliament meeting came a day after China lowered its growth target to 6 to 6.5 percent for 2019, down from around 6.5 percent past year.

"The addition of language imposing criminal penalties for sharing sensitive foreign company information adopts a much tougher deterrent against counterfeiting and IP theft and will offer new avenues for the enforcement of IP protection", he said.

Li said the downward adjustment of the GDP growth target was made against the backdrop of a slowing global economy, as several worldwide organisations have recently lowered their forecasts for global growth this year.

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"Russia and China should take all the necessary measures to chiefly provide a stable volume of bilateral trade of $100 billion and to double it in the future", Li Keqiang said.

Li also said China can use such tools as the reserve requirement ratio of banks and interest rates to support the economy.

Li said new initiatives will be implemented to invite people from Taiwan to "work hand-in-hand to realize our shared dream for the nation".

"We will protect the rights of foreign firms according to the law".


China appears pleased with the impact of last year's "31 Measures", and Li held open the possibility of even greater advantages, while offering no details.

Serving the real economy is the bounden duty of the financial sector, Li said at a press conference after the conclusion of the annual session of China's national legislature.

Chinese Premier Li Keqiang said Friday the country will ensure the creation of more than 11 million new urban jobs this year.

Analysts have said the law helps to address some key concerns trade negotiators are grappling with, such as equal market access and forced technology transfers.


"China's economy will remain an important anchor of stability for the global economy", Li said.

The American Chamber of Commerce in China, in a statement earlier this week, said that it in principle welcomed and appreciates "this legislative effort to improve the foreign investment climate".

CURRENCY NEWS: China's yuan recovered against the U.

"This year, for the first time, we are elevating the status of employment-first policy to a macro policy together with the fiscal policy and monetary policy", Li said.


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