Premier Li Keqiang attended a seminar on new development concepts and economic momentums on April 18.

The Premier said more effort should be made to optimize economic structure, especially from the supply side.

As a part of the supply-side structural reform, administrative streamlining and tax cuts can reduce institutional costs and financial burdens for enterprises, allowing them to unleash more vitality.

Premier Li said the nation should stick to the concept of innovative, coordinated, green, open and inclusive development, while promoting an upgrade of growth momentums.

Administrative streamlining and service optimization can create a good environment for growth, and entrepreneurship and innovation can support new growth momentums, he said.

Upgrade of the economic structure comes from new business patterns, as well as transformation of traditional industries, the Premier said.

“It is a new subject for us to effectively supervise new driving forces, entrepreneurship and innovation, while keeping an inclusive attitude,” the Premier said.

Meanwhile, Premier Li urged efforts to develop new economic momentums in balanced urban and rural development.

Uneven development in different regions also means complementary advantages, and offers an opportunity for industrial transfer, he said.

The Premier said China’s foreign trade had remarkable growth in the first quarter of the year, which, to a great extent, is due to the market’s enhanced confidence in the yuan.

He added that China will maintain the basic stability of yuan exchange rates at a reasonable and balanced level.