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Innovation and new industries to promote economic development

Updated: Dec 3,2015 7:17 PM

[Photo/China News Service]

Premier Li Keqiang stressed the structural reform regarding market supply and demand to promote stable and healthy economic development during a seminar with economists on Dec 2.

He noted that innovation at the supply end will expand market demand which will in turn drive the upgrade at the supply end.

To increase effective supply, efforts should be made in reducing taxes, promoting initiatives of Mass Entrepreneurship and Innovation, Made in China 2025, and Internet Plus, and accelerating the development of the service industry and advanced manufacturing industry, he said.

As for market demand, the Premier emphasized the importance of product quality, new industries, and convenient services to stimulate consumption related to information technology, environment protection, and tourism.

[Photo/China News Service]

He said that government investment should play an effective role to drive social investment in supporting urbanization, industrial upgrades and major public projects.

The Premier also stressed the need to cultivate new economic driving forces. On the one hand, further efforts should be made to promote mass entrepreneurship and innovation through streamlining administration and delegating power to lower-level governments and creating fair competition by breaking industrial monopoly and promoting new industries.

On the other hand, efforts should be made in the upgrades of traditional industries and abolition of outdated industrial production capacity, he said.