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Summer Davos
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China's economy is on the whole in good shape, but unstable factors, imbalances and lack of sustainability also affect the country's economic development, Chinese Premier Wen Jiabao said Thursday at the summer meeting of the World Economic Forum in Dalian City, northeast China.

These problems include excessively rapid economic growth, acute structural tensions, the inefficient pattern of growth, depletion of resources and environmental degradation, mounting pressure on price and entrenched structural and institutional obstacles, he said.

"To resolve these problems, we are putting into practice the scientific thinking on development and pursuing an innovation- based model of development," the premier said, outlining China's efforts in the following areas:

-- Maintain fast yet steady economic growth.

Excessive growth of investment in fixed assets, oversupply of credit and loans and sizable trade surplus are major problem in China's current economic development, Wen said. To resolve these problems, top priority should be given to macro-regulation to prevent an already fast growing economy from becoming overheated.

"We are confident that with enhanced macro-regulation, the giant ship of Chinese economy will continue to surge ahead steadily," he said.

-- Speed up changing the pattern of economic growth.

"To accelerate economic adjustment and raise the quality and efficiency of economic development is an urgent task facing China,” the premier said.

Regarding the product quality and food safety issues that raised global concern, he said the Chinese government takes them “very seriously".

"We are working hard to adopt related legislations, improve the system of quality standards and strengthen quality control to effectively resolve problems in this area," he said, adding China will continue to work with other countries to improve product quality and food safety.

-- Promote coordinated development.

"To address imbalances and lack of coordination in development is a long and arduous strategic task," he said, noting China is taking forceful measures to give stronger support to rural and other under-developed areas, speed up the development of social problems and gradually reverse the widening gap between agriculture and industry, between town and country and among different regions so as to ensure coordinated economic and social development.

-- Strive to build a resources-conserving and environment friendly society.

"China is committed to saving resources and protecting the environment," Wen said. Saving energy and reducing energy and resources consumption and pollution discharge have been set as obligatory targets in China's plan on national economic and social development.

The premier reiterated that the Chinese government takes climate change seriously and has formulated the national program on tackling climate change.

-- Improve the livelihood of the people.

"To protect and advance the interests of the people is the ultimate goal of all our endeavors," he said, noting that the government will address issues concerning people's livelihood, like employment, social insurance system, educational, health and cultural development, housing condition, transportation, living environment as well as public administration, so as to ensure the benefit of reform and development will reach all.

-- Deepen reform.

"China's economic and social development is driven by reform. We will continue to advance political reform, expand people's democracy, strengthen the rule of law, and promote social equity and justice so as to facilitate economic reform," Wen said.

Without political reform, economic reform will not succeed, the premier said.

Fast economic growth to keep momentum

The fast growth of China's economy shall keep its momentum, Wen said.

China's economy has maintained rapid growth for almost 30 years. The premier said he believes such a development momentum will continue.

"The pursuit of peace, development and cooperation is the trend of our times and this has made it possible for us to secure a long term peaceful international environment," he said.

Being in a stage of rapid industrialization and urbanization, China has the material and technological foundation to sustain economic growth, growing market demand, an abundant and increasingly well trained labor force, a large number of dynamic companies which have emerged in the course of reform and by pursuing innovation, and it enjoys social and political stability, he said.

"We need to pursue the right domestic and foreign policies and be able to adapt to change to fully seize these opportunities and make good use of these favorable conditions," Wen said.

"Despite the difficulties, risks and challenges on our way ahead, we have the confidence, capability and means to surmount them and advance the modernization drive. China's development has a bright prospect," he said.

China's development not to pose threat to any country

China's development will promote world peace and development, and will never pose a threat to any country, Wen said.

"As China's development has shown and will continue to show, a prosperous, democratic, harmonious, civilized and modernized China will make even greater contribution to maintaining world peace and promoting human progress," he said.

The premier said China can not achieve its development in isolation from the world, and the world needs China to ensure its development.

"Over the years, we have learnt advanced development practices from other countries and deepened economic and technological cooperation and exchanges with them. This has boosted China's social and economic development, while we have also contributed our due share to the growth of the global economy," said Wen.

China will stay on the path of peaceful development, pursue a win-win opening-up strategy, develop itself by securing a peaceful international environment and uphold world peace and promote common development with its development, the premier said.

Vision, courage and responsibility

Global vision, courage for reform and sense of responsibility are the main qualities for a successful global business leader, or a "new champion", Wen said.

A successful entrepreneur is one who has not only knowledge of the present, but ability to foresee the world's future economic and technological trend, and then work out wise and timely measures accordingly, said the premier.

Entrepreneurs should also be courageous enough to make reform and innovation, not bending to adversities, not copying predecessors' paths, not fearing accusation from others, he said.

Besides, he should never cringe when facing difficulties and obstacles, as leaders are those who can always run in the front of the crowd, Wen said.

The meeting, also known as Summer Davos, is held from Sept. 6 to 8 with the focus on the roles the new generation of fast- growing multinational companies are playing.

More R&D centers welcomed

Wen said that the Chinese government encourages foreign companies to build more research and development centers in China.

China encourages innovation and expects fast-growing companies to locate more of their R&D centers in China, said Wen, adding that China has enough talents and market potentials to accommodate them.

Wen emphasized that China will unswervingly stick to its policy of opening-up and protect foreign investors' legal rights by improving concerned laws and regulations.

China strives to create a fair and transparent environment for them, Wen said.

Plenty of high-quality laborers is also an advantage for China to attract foreign companies as they can have enough talents in the country, he said.

Innovation, innovation

Wen said Thursday that innovation is his biggest expectation for Chinese new champions.

Innovation means creation in products, technology, management and system, no matter it is a state-owned enterprise or in other forms, said the premier.

China launched the reform of state-owned enterprises years ago with the goal of establishing a modern corporate system while developing a group of enterprises of various ownership.

Many new champions have risen from those enterprises in such sectors as information and telecommunications, environmental protection and high and new technology, said Wen.

Only through innovation can an enterprise play its due role in economic and social development and resolve its problems in quality and efficiency, the premier said.

(Xinhua News Agency September 6, 2007)

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