Li seeking new ideas to give the economy boost

Updated 2017-11-09 09:03:16 China Daily
Alibaba Group's cashier-free retail store Tao Cafe attracts customers in Hangzhou, Zhejiang province. (Photo by Wang Zhuangfei/China Daily)

Alibaba Group's cashier-free retail store Tao Cafe attracts customers in Hangzhou, Zhejiang province. (Photo by Wang Zhuangfei/China Daily)

At seminar, premier asks experts to suggest strategies for coming year

China will redouble its efforts to improve the quality of its products and services-as well as its capacity for innovation-to ensure healthy, stable economic growth in the coming year, Premier Li Keqiang said on Tuesday.

Li made the remark at a State Council seminar that was attended by economists and business representatives at the Zhongnanhai compound in Beijing. The seminar aimed to analyze China's current development and seek policy recommendations on the country's economic strategy for the coming year.

The country's economy grew more than expected in the past year, which has provided a powerful response to those who predicted a hard landing, Li said.

"In the past, we have spared no effort to encourage investment," he said. "Now we need more ideas and actions to boost consumption so the economy will grow in a healthier and more sustainable manner."

China's economy grew at an annual rate of 6.9 percent in the first three quarters of this year. Final consumption accounted for 4.4 percentage points (64.5 percent) of that growth, with the rest coming from investment and net exports, according to the National Bureau of Statistics.

Urging the government to fully implement the strategies approved during the 19th National Congress of the Communist Party of China, Li said the economic work plan for 2018 will be connected with the goal of building a moderately prosperous society in all respects.

"As China is now deeply integrated into the world economy, we need to stay aware of various potential risks from outside," Li said, adding that structural contradictions in the Chinese economy still exist.

He said the biggest potential for China's future growth lies in the country's rich human resources.

"Recent years have seen amazing potential unleashed from the people, with the government streamlining administration and encouraging mass innovation and entrepreneurship," Li said. "We will stand firmly with these efforts to help people to unleash their creativity and create value."

The government will continue to cut taxes for businesses to give full play to the role of the market and encourage mass entrepreneurship, he said.

In the first nine months, high-tech manufacturing represented 13.1 percent of the year-on-year growth.

Among the representatives who spoke with the premier at the seminar was Bai Chongen, deputy executive dean of the School of Economics and Management at Tsinghua University.

Bai, a former member of the People's Bank of China monetary policy committee, said it was "encouraging to see that the government has been moderating its annual growth target" over the past several years.

"This means we are giving increasing attention to fixing the economic structure in the long term," he said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 23 2018 10:01:33

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 23 2018 10:01:33

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 23 2018 10:01:33

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords