(Bloomberg) -- China faces “many challenges” in keeping the economy’s development stable with new downward pressures emerging, Premier Li Keqiang said.   

Authorities should strive to keep the economy operating within a reasonable range and ensure the overall employment situation is stable, Li said at a seminar with scholars and businessmen Friday, according to a report in state media Xinhua. He said “cross-cyclical” adjustments were needed to support growth. 

Li’s comments were largely a repeat of recent statements highlighting downward pressure on growth and the need for policy “fine-tuning.” Growth has weakened in the second half of the year amid a slump in property and rising Covid outbreaks, although October data showed signs of the economy stabilizing with retail sales climbing and energy shortages easing. 

Li said Friday the economy was recovering steadily and this year’s main goals can be achieved. 

More effort was needed to support businesses and keep jobs, he said, vowing to study new ways of supporting manufacturing enterprises and small firms, such as tax and fee cuts. 

Li also called for more targeted measures to help ease the pressure of rising commodity prices to downstream small businesses. Various policies supporting coal power companies must be fully implemented to ensure stable power supply, he said. 

“All parties must think of more ways to create a good environment for the development of market entities and help more market entities to overcome difficulties,” he said. 

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