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Premier keeps emphasis on new economy

Updated: Mar 25,2016 2:13 PM News Service

Premier Li Keqiang delivers a speech at the opening ceremony of the Boao Forum for Asia (BFA) annual conference in Boao, South China’s Hainan province, March 24, 2016.[Photo/China News Service]

Premier Li Keqiang mentioned the “new economy” six times during his speech at the opening ceremony of the 2016 annual conference of the Boao Forum for Asia, in China’s southern province of Hainan.

This is not the Premier’s first time stressing this concept. At the two weekly executive meetings in February, he called for promoting the new economy in China, and also stressed the term eight times during a half-hour speech to members of the CPPCC National Committee from economic and agricultural sectors at this year’s two sessions.

The new economy was also written into this year’s government work report for the first time.

According to the Premier, the new economy refers not only to Internet Plus, Internet of Things, cloud computing, and e-commerce in the tertiary industry, but also to intelligent manufacturing, large-scale customized production in the secondary industry and family farming, joint stock-holding partnership in the primary industry.

He said that development of China’s economy needs to eliminate overcapacity in coal and steel industries, and create new growth points for expansion.

The new economy is an innovation of China’s economic development, and it promotes the upgrade of traditional industries and spurs new emerging industries, said Jia Jinjing, director of the macro research department at Chongyang Institute for Financial Studies, Renmin University of China.

Economist Song Qinghui said that in addition to financial and technological support, the government should also further promote innovation and reform and improve people’s livelihood to develop the new economy.