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Friday, January 22, 2016, 10:15

Nation aims to focus on transitions

By Zhang Yue

Encouraging new driving forces for China's economic development, as well as upgrading traditional industries, will remain singularly important for the State Council this year, Premier Li Keqiang said during a meeting at the State Council on Wednesday.

In attendance were officials from the National Development and Reform Commission, Ministry of Industry and Information Technology, the Ministry of Finance, People's Bank of China, State-owned Assets Supervision and Administration Commission, as well as the Ministry of Housing and Rural-Urban Development. Each sector issued a report.

Li also emphasized that better efforts are required in the structural reform from the supply side, and a good start of the year was crucial as 2016 marks the beginning of the 13th Five-Year Plan while the world is still suffering from an economic down-turn.

New driving forces

The premier pointed out that reform should be made more comprehensive this year. He underscored that more effort must be directed toward finding new driving forces for China's economic development, an important part of structural reform from the supply side.

China needs to further activate the role of the market, he said, and further promote innovation-driven development. For example, increased focus is needed on advancing the twin engines of public entrepreneurships and innovation, as well as the "Made in China 2025" plan and the idea of "Internet Plus."

Enterprises in various industries should look more toward innovation in their technology, production mode and management so that new, effective supplies can be created.

On the other hand, harsh measures are called for in the reform and upgrading of the nation's traditional industries and activating the role of the market in that regard. Enterprises should make determined efforts in dealing with overcapacity and improving production efficiency. They must begin in the iron, steel and coal mining industries.

The agricultural and service industries, environmental protection and social programs had not developed as well as they might have in the past year and the pace of their development must be further accelerated this year, Li said.

Development in these areas will stimulate the transition to new economic driving forces and help create more employment opportunities, also for those who leave traditional industries during the country's economic upgrading.

zhangyue@chinadaily.com.cn

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