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Premier Li urges upgrading real economy according to market demands

Updated: Apr 8,2017 8:54 AM

Recalling his visit to the Haier-Fisher & Paykel research center in New Zealand, Premier Li Keqiang urged efforts to speed up the transformation and upgrade of the real economy during the State Council executive meeting on April 5.

The Haier-Fisher & Paykel research and development center was started by China’s Haier and New Zealand’s Fisher & Paykel, two renowned home appliance manufacturers. The center combines cutting edge technology and efficient management experience from both sides.

During the Premier’s visit on March 28, he was introduced to a new type of refrigerator compressor, which consumes less power and makes much less noise compared to old versions. “The technology behind it must be inspired by users like me who complained about the compressor’s noise,” Premier Li said.

The head of the center told Premier Li that once hearing user feedback, the center concentrated its efforts on developing a new compressor that could make a refrigerator that operates more stably while consuming less energy.

“Upgrading of core components for refrigerators is a classic example of transformation and upgrading of the real economy,” Premier Li said at the April 5 executive meeting.

“The upgrading process should be always in line with consumers’ needs and market feedback,” he added.

The Premier said that in the 1980s, people deemed the “black-and-white TV, refrigerator, washing machine” as the “big three” things sent by bridegrooms’ families as wedding presents, however, most were imports because domestic enterprises were not able to produce them.

Today, the real economy should keep a close eye on increasing changes in consumption and make use of platforms such as “Internet Plus”, “mass entrepreneurship and innovation” and “sharing economy”, to step up transformation.

“During the two sessions, some deputies from poverty-stricken areas introduced their local specials to me. Through online platforms, local people got orders and delivered products to consumers in Beijing, Shanghai and other places within a few days,” the Premier said.

“Agriculture is the most traditional mode of the real economy, and relying on ‘Internet Plus’, farmers have found new ways to sell seasonal products,” he added.

According to the Premier, bike-sharing services are another good example. While he was visiting Australia, a Chinese bike-sharing company entered the Australian market. Sydney Mayor Clover Moore said she will fully support the bike-sharing concept and believes it will better serve tourists in the city.

“The bike-sharing business has boosted the use of the traditional transportation tool — the bicycle — and also helped revive several manufactures on the brink of collapse,” the Premier said.

“The service industry of bike-sharing helped upgrade the traditional real economy,” he added.

Premier Li stressed that as the foundation for the country’s economy, the real economy should be supported all around and upgraded in a way that fits consumers’ demands.