Announcing a "new phase" of the ruling Socialists' term, newly-appointed Prime Minister Manuel Valls unveiled his economic and financial roadmap with which he hoped to regain confidence of the discontented French people.

In his first speech at the National Assembly, Valls detailed the "responsibility pact" confirming the offer to cut labor costs by 30 billion euros (41.4 billion US dollars) by 2016 to encourage recruitment, while the standard rate of corporation tax would be reduced to 28 percent from 33 percent by 2020.

Companies' social and solidarity contribution (C3S) would be scrapped in two years, bringing a total of 6 billion euros (8.28 billion dollars) back to companies, the minister added.

With the government cornered by rampant joblessness and persistent weak growth, Valls noted that the reform pact would "improve the purchasing power of the poorest workers," as "the best way is to act on employee contributions to increase the net salary..."

As to the planned cut in public spending, Valls said "the effort will be shared by all," to garner 50 billion euros (68.97 billion dollars) by 2017.

The government's efforts to squeeze its expenditure would generate around 19 billion euros (26.21 billion dollars) with local authorities and the health insurance fund each saving 10 billion euros (13.79 billion dollars).

Valls told lawmakers that he planned to unveil additional budget savings in summer in a bid to honor promises to bring down its public deficit while rejecting austerity.

"Of course we must straighten up our public finances, but not by destroying our social model or our public services. I am for respecting our commitments, for budget responsibility, not for austerity," he said.

To the centrist 51-year-old premier, "growth is also the green economy,"arguing the necessity of the "energy transition", which will be one of the priorities of his team.

"This is a tremendous economic opportunity that reduces our trade deficit and strengthens our sovereignty. It reinforces our purchasing power and encourage promising sectors in terms of employment," he said.

"The first thing I have to French is efficiency. The second is sincerity," Valls stressed at the lower house of parliament ahead of a confidence vote.