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Premier’s focus over past six months gives vision for economy

Updated: Jul 20,2015 3:56 PM

China’s GDP growth rate has reached 7 percent, achieving the target set at the beginning of 2015.

In a bid to boost the economy, Premier Li Keqiang paid six landmark visits to a number of provinces in the first half of 2015 where he met those involved at the cutting edge of enterprises, start-ups, financial institutions, communities, and ministries.

During the visits, the key words of “mass entrepreneurship”, “reform”, and “Internet Plus’ were mentioned many times by the Premier, highlighting their importance to the economy.

During a visit to the Industrial and Commercial Bank of China and the China Development Bank, the Premier emphasized the significance of finance for economy in its transitional period.

The Premier also underlined the role of the Internet in mass entrepreneurship and innovation when he visited Zhongguancun, a technology hub in Beijing, and met many of the young “spacemakers” who through their drive, ambition and innovation were setting new boundaries for the economy.

When he visited the Changchun Railway Vehicles Corp, the Premier noted that Chinese manufacturers needed to integrate a range of sectors, including technology, research and development, manufacturing and training.

In a community in Fuzhou, Fujian province, the Premier revisited a family which had moved from a dwelling in a shantytown into a newly-built community, stressing the importance of rebuilding and renovating in shantytown areas.

Innovation and reform were the main focuses as the Premier continuously stressed their importance during his six key visits. In an article published by Xinhua News Agency which recorded the Premier’s visit to Zhongguancun, “innovation’’ was mentioned 18 times.

Reform is also one of the top priorities in leading the economy into a new era. Like innovation, the Premier frequently mentioned “reform” during his visits this year.

According to the Premier, to promote “Made-in-China” and speed up the development of new technology, new industries, and a new business mode, reform is vital and will ensure streamlined administration, a further delegation of power to lower levels and an optimizing of services, providing dividends and creating a more open and fair environment.

Financial services are also a cornerstone of the economy. When the Premier visited the Internet-based WeBank in Shenzhen, he highlighted new steps to reform financial services, which in turn will give more support to new products, technologies, and modes.

The slowdown in demand and intensified international competition means China must create a competitive edge in the world market. Thus, to export “Made-in-China’’, greater added-value, higher standards, capacity cooperation and an upgrade of exports and industries are necessary, the Premier noted in Guangdong when visiting the Guangdong Electric Power Design Institute.

The Premier also stressed the importance of the Internet which will connect e-commerce, manufacturing, and the financial industries, creating new modes and offering new opportunities.