Premier Li Keqiang attended a high-level video conversation with European entrepreneurs in Beijing on Feb 5.

Against the backdrop of the lingering COVID-19 pandemic and severe global economic recession, the Premier said, China's government adopted effective macro policies in a timely manner and attained good outcomes at a reasonable cost. As a result, China's economy realized a relatively rapid recovery with 2.3 percent annual growth.

Both the central government and regional authorities helped market entities through difficulties with targeted policies, especially micro, small, and medium-sized enterprises and the self-employed, highlighting periodic broad-scale tax and fee cuts worth 2.5 trillion yuan ($386.5 billion) in 2020.

The government, Premier Li said, also made further efforts to improve the business environment, activate market entities, simplify enterprises' business registration process and provide safeguard measures for fair competition.

The number of micro, small, and medium-sized enterprises and the self-employed saw a rapid bounce-back in the latter half of 2020, making the total number of market entities in China reach 130 million.

The newly established businesses have shown a robust performance, contributing 2.5 trillion yuan to the tax revenue last year, according to the Premier.

With hundreds of millions of market entities upheld, the Premier added, employment and people's well-being remain stable, which lays a good foundation for securing economic fundamentals.