In light of the recent run of losses on the stock market, Premier Li Keqiang has noted that China will focus on developing and stabilizing its capital market and currency market in order to create suitable conditions for the development of the general economy.

Li was addressing a seminar when he made these comments on Friday. The Premier explained that while the stock market has started to show signs of recovery after a three-week drop, there is need to consolidate things by implementing targeted macroeconomic policies and increasing domestic demand. He said authorities must be flexible in reforming and implementing policies in order to improve the country's economic structure.

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China's economy has grown by double-digits over the past three decades, however, this year experts have forecasted that the economy will grow by only seven percent. Critics, who have expressed doubts in the extent of the recent recovery of the stock market, blame the country's latest economic woes on excess margin debt due to the multiplicity of inexperienced traders in the market.

Premier Li said that there will be various changes as China continues to reform and expand its economy. He noted that since the beginning of the second quarter of this year, China's economy has been showing signs of recovery and stability. According to the Premier, this has increased the level of confidence that investors have in the country's stock market and the general economy. Nonetheless, he said there is need to strengthen the country's economic stability given the unstable nature of the global economy.

Li further emphasized the value of promoting entrepreneurship and innovation in order to find new sources to fuel the country's economic growth. He also discussed the need to improve public services and the livelihood of the country's citizens, Xinhua reported.  

Chinese authorities have laid out plans to boost mass entrepreneurship and increase employment as part of the country's goal to become a global manufacturing powerhouse by 2025.

TagsChina stock market, Made in China 2025