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Premier stresses accelerating change in economic driving forces

Updated: Jan 21,2016 7:32 PM


[Photo/China News Service]

Encouraging new driving forces for China’s economic development, as well as upgrading traditional industries, will continue to have great importance for the State Council this year, Premier Li Keqiang said during a meeting on Jan 20.

He stressed that accelerating such change in economic driving forces will mark an important and solid foundation for the country’s 13th Five-Year Plan.

Officials from the National Development and Reform Commission, Ministry of Industry and Information Technology, the Ministry of Finance, People’s Bank of China, State-owned Assets Supervision & Administration Commission, as well as the Ministry of Housing and Rural-urban Development, attended the State Council meeting with each delivering a report.

Premier Li stressed that better efforts are required in the structural reform from the supply side and a good start to the year will be of crucial importance, as it marks the beginning of the 13th Five-Year Plan, and the world is still suffering from its economic downturn.

The Premier pointed out that structural reform must be deepened this year. He stressed that more efforts are required in nurturing new driving forces for China’s economic development, which is also an important part of the country’s structural reform on the supply front.

He stressed that China needs to further activate the role of the market, and further promote innovation-driven development. For example, more effort needs to be put into the twin engines of mass entrepreneurship and innovation, as well as the “Made in China 2025” plan and the idea of “Internet Plus.” He said enterprises in various industries should put greater emphasis on innovation in its technology, production mode as well as management so that new effective supply can be created.

On the other hand, harsh measures need to be taken in the reform and upgrading of traditional industries and activating the role of the market. Enterprises should make strong efforts in dealing with overcapacity and improving production efficiency. Such efforts will start in the iron, steel and coal industries.

Industries such as agriculture, the service industry, environmental protection as well as social programs did not develop well in the past year and require advanced development this year, he said. Development in these areas will better accelerate effective demands and help create more employment opportunities. This will also help with employment for those that would be moved away from traditional industries during the country’s economic upgrading.