Li also warned at the congress meeting that the trade war with the U.S. has had a negative impact on business activities in China.
Trade tensions with the U.S. escalated last year after President Donald Trump announced additional tariffs on $250 billion worth of goods from China, and Beijing countered with its own duties on $110 billion worth of U.S. goods.
But in signs that tensions from the tariff battle could soon ease, sources tell CNBC that the U.S. and China are currently in the “final stages” of a trade deal that could end this month.
During Tuesday’s address, the Chinese premier reiterated Beijing’s commitment to “safeguarding economic globalization” and pledged to promote China-U.S. trade negotiations while advancing negotiations on other trade agreements.
“We faithfully honor our commitments and are resolute in safeguarding our lawful rights and interests,” he added.
Critics have noted Beijing has been slow to act on many commitments it made when it joined the WTO in 2001.
Beijing is attempting to maintain stable growth, while reducing the economy’s reliance on debt. Many criticized the government’s efforts in late 2017 and early 2018 as overly harsh, causing authorities to reverse their tone in the second half of last year with announcements of stimulus plans.
Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council, said last week that due partly to trade tensions, many export-related companies in Guangdong let their employees go on vacation in November with no clear plans for further production.
Retail sales have also slumped as consumers remain uncertain about the economic outlook.
— This is a developing story. Please check back for updates.
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