衔接期 (xiánjiēqī): Transitional stage

On Tuesday, Premier Li Keqiang presided over a symposium on the current economic situation attended by economic experts and business leaders.

At the meeting, Li analyzed the economic performance of the Chinese economy in the first quarter of this year and the country's economic prospects in the long term. He said that China's economy is in a transitional stage at the moment, with some traditional pillar industries declining and some emerging powerhouses building momentum. There is potentially explosive growth in some industries, but the transition between old and new dynamics hasn't been fully completed.

Li said the government is confident about the country's economic prospects in the long run, as there is still enormous potential, huge resilience and ample room for the country's development.

The government will intensify its targeted macroeconomic regulation on the basis of keeping the economy within a proper range, Li said, adding that the government will make efficient use of multiple policy tools to maintain growth, promote employment and raise efficiency.

Li said the country should step up implementation of these measures with a view to increasing investment in laggard areas, promoting entrepreneurship and innovation, and providing new impetus for securing the country's steady growth and upgrading the economic structure.