China's Premier Li: Need to expand domestic demand, deepen supply-side reforms

China's Premier Li Qiang stressed the need to balance development with security, strengthen risk-prevention mechanisms, and safeguard long-term growth through policy preparedness and systemic stability.

Key Quotes:

Li said that it is necessary to

Implement the requirements of high-quality development in all fields and aspects of economic and social development.

Promote high-quality development as the theme, reform and innovation as the fundamental driving force, and meet the people's growing needs for a better life.

Focus more on strengthening the domestic cycle, coordinating the implementation of the strategy of expanding domestic demand, and deepening supply-side structural reforms.

Hedge the uncertainty of the international cycle with the internal stability and long-term growth of the domestic cycle.

Strengthen the construction of long-term mechanisms for risk prevention.

Make response plans and policy reserves, firmly adhere to the bottom line of no systemic risks.

Market Reaction:

The AUD/USD pair sticks to modest intraday gains, though it remains below the 0.6600 mark as traders keenly await the highly-anticipated meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, later this Thursday.