Business     

China needs to upgrade economy

Xinhua, July 10, 2013

• China is in a phase when it must rely on economic transformation and upgrading to maintain continuous and healthy development, said Premier Li Keqiang on Tuesday.

  "It is very important to plan as a whole the need to stabilize growth, promote economic restructuring and advance reform at this stage," Li said while presiding over an economic meeting in south China's Guangxi Zhuang Autonomous Region.

  Through stabilizing growth, we can create room and conditions for restructuring, while restructuring in turn unleashes potential for economic growth. The two will receive an added impetus from reform as it will help clear obstacles, Li said.

  During the meeting, Li called for more efforts to promote the integration of industrialization and information technology application, and promote new-type urbanization that puts people first.

  The country should strengthen its restructuring efforts through developing the service industry, eliminating backward production capacity and renovation, Li added.

  He said that China must quicken its reform in the areas of administration, taxation, finance and pricing with the aim to let the market mechanism play a better role, make private investment more active and the market more vigorous.

  More support will be channeled to the central and western part of the country, especially the poverty-stricken areas, Li said, adding that the more affluent eastern part should strive for development at a higher level through economic transformation and upgrading.

  Regardless of their differences, the country's east, west and central areas should all prioritize the improvement of people's livelihood and welfare in their pursuit of development as development means to satisfy and bring benefits to the people, Li said.

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