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.S. trade Li said China remained committed to op??ening its doors to the outside world in a complex int??ernational environment and would continue to work wit??h the United States to implement the first phase of t??he economic and trade agreement between the two count??ries.7

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The premier added that efforts to complete the?? Regional Comprehensive Economic Partnership would co??ntinue and free trade negotiations with Japan, South ??Korea and other countries would be advanced. He also?? said the negative list for foreign investment will b??e "signiN

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ficantly shortened" and some new measures wou??ld be implemented to help ease and raise capacity of ??international trade. Hong Kong and national security?? Li confirmed "sound legal systems and enforcement m??echanisms for safeguarding national security" would b??e establish3

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ed in the Hong Kong and Macao special admi??nistrative regions and stressed that the "One Country??, Two Systems" policy would be "fully and faithfully"?? implemented. A draft decision on establishing and i??mproving the legal system and enforcement mechanisms ??for HKSAR has been submitted to China's national legi??slature for deliberation. The premier added that the?? government will "resolutely oppose and deter any sep??aratist activities seekine

g 'Taiwan independence'," an??d pledged to continue to take measures to encourage c??ross-Straits exchanges and cooperation. He said com??patriots in Taiwan would be encouraged to "join us in?? X

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opposing 'Taiwan independence' and promoting China's?? reunification." Business and job support Li empha??sized the government would do its utmost to support e??nterprises, stressing that micro, small and medium bu??sinesses were in particular need of support in the co??ntext of the pandemic. The premier announced that ex??emptions introduced earlier this year to help busines??ses through the pandemic, due to expire by June, woul??d be extended to the end of 2020 and said further cut??s to taxes and fees of around 500 billion yuan (70.2 ??billion U.S. dollars) would be made. Corporate incom??e tax payments by D

micro and small businesses will als??o be postponed until 2021, as part of a series of mea??sures Li said would result in savings of 2.5 trillion?? yuan for enterprises this year. Loan payments for mi??cro, small and medium businesses will be postponed un??til March and banks will be encouraged to issue new l??oans to such firms. Li also stressed that regulation?R

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?s should be tightened to "prevent funds circulating i??n the financial sector for the sake of arbitrage." T??rillions in bonds Li announced a consumer price iv

nde??x target of 3.5 percent for 2020 and a deficit target?? of 3.6 percent of GDP, up from 2.8 percent last year??, suggesting room to maneuver in the pursuit of stren??gthened economic growth. He said the deficit would i??ncrease by one trillion yuan on 2019 and a further on??e trillion yuan in government bonds would be issued t??o fund COVID-19 control measures. The two trillioD

ronment." The premier praised the Ch??iS nese people for building a "Great Wall oq f solidarity?? against the epidemic" but1 said the country's "succes??s has come B at a great price." The economy contractey d ??6.8 percent in the first quarter of R
    2020 from a yearT
    ??earlier. "The coun0
    try posted negative growth in the ??firs4 t quarter of this year and dailyp life and work ha??ve been greatly affec0 ted. However, life is invaluable??. This1 is a price we must pay and a price worth payin??g." He added that fiscal policy will be more proacti??ve and monetary pj olicy more flexible this year. Chin??a-U2