Premier Li Keqiang is looking to the technology industry and emerging sectors as a leading factor to give impetus to the economy during its difficult transition.
The growth industries also have helped the country create more jobs than expected, Li told some political advisers on March 4, one day before he is to deliver the Government Work Report to lawmakers and political advisers as the National People’s Congress convenes its annual session in Beijing.
In the coming months, the government will provide more support to growth industries, such as information technology, biotechnology and new energy, in policies and in financial incentives, he said.
He made the remarks while meeting with members of the economy and agriculture groups of the nation’s top advisory body.
Premier Li also told the advisers at the meeting that the country has achieved most of its goals set in its previous Five-Year Plan (2011-2015).
The country is ready to unveil its 13th Five-Year Plan (2016-2020) during the annual session of the top legislature.
On the policy front, the Premier promised that the government will release more supply-side reform initiatives aimed at cutting overcapacity and easing taxation burdens on enterprises.
The Premier said that enough funds and favorable terms will be guaranteed so the economy can achieve a reasonable growth rate this year, widely estimated at 6.5 percent or higher.
During the meeting, Yang Yuanqing, CEO of Lenovo Group, suggested that large enterprises provide a platform for startups and young entrepreneurs.
These enterprises, with wide brand recognition, ample funds and a technological edge, can help small technology enterprises to translate research results into gains in the market, said Yang.
Yang also called for support from the government so that the country’s scientific research achievements can be applied in the marketplace.
Citing information security as an example, he suggested that government departments purchase more equipment from domestic high-tech companies rather than from transnationals.
Wu Yueshi, vice-president of Longping High-Tech Agriculture in Hunan province and also a political adviser, suggested that the government provide more support on the research and innovation of seed breeding to further develop the modern agriculture sector.
The enterprise was set up by Yuan Longping, the scientist who pioneered the country’s high-yield hybrid rice.
It is the third straight year that the Premier has solicited opinions and suggestions from political advisers with the agriculture and economy sectors before delivering the Government Work Report.
Xu Hongcai, an economist at the China Center for International Economic Exchanges, said this shows that the government has prioritized stable economic growth for the years ahead.