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Premier Li stresses quality growth, innovation

Updated: Jul 18,2014 11:37 AM     Xinhua

Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a symposium about the country’s current economic situation in Beijing, capital of China, July 15, 2014.[Photo/Xinhua]

Premier Li Keqiang has reiterated “quality” as the mainspring of China’s growth, saying that quality growth, whether slightly higher or lower than 7.5 percent, will be acceptable.

Economic growth should create jobs, increase people’s incomes, save energy and be good for the environment, Li said during an economic symposium on July 15.

Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a symposium about the country’s current economic situation in Beijing, capital of China, July 15, 2014. Chinese Vice-Premier Zhang Gaoli, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, also attended the symposium.[Photo/Xinhua]

Quality growth comes through innovation that can upgrade the economy, Li said, pledging to maintain China’s economy within a proper range: GDP growth around 7.5 percent and inflation below 3.5 percent.

He said the country will keep its targeted macro-control policies and allow the market to play a bigger role. Administrative procedures will continue to be simplified, and a transparent mechanism will create a fair environment for businesses.

Premier Li Keqiang (R), also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, talks with experts after a symposium about the country’s current economic situation in Beijing, capital of China, July 15, 2014.[Photo/Xinhua]

Support to the real economy will also continue. Small firms, agriculture companies and the tertiary sector will be supported, and manufacturing will be improved. Current economic growth is stable, but the government must be more aware of difficulties, risks and downward pressures.

China’s economy showed strong resilience in the first half of 2014, with growth momentum rebounding in the second quarter and overall expansion in the first six months reaching 7.4 percent year on year.

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