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China needs to upgrade economy: Li

NANNING, July 10 (Bernama) -- China is in a phase when it must rely on economic transformation and upgrading to maintain continuous and healthy development, Xinhua news agency quoted Premier Li Keqiang as saying.

"It is very important to plan as a whole the need to stabilise 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 on Tuesday.

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

During the meeting, Li called for more efforts to promote the integration of industrialisation and information technology application, and promote urbanisation that puts people first.

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

China must quicken its reform in the areas of administration, taxation, finance and pricing to enable the market mechanism to play a better role and make private investment more active, said the premier.

Li said more support will be channelled to the central and western part of the country in poverty-stricken areas, while the more affluent eastern region should strive for higher development through economic transformation and upgrading.

"Regardless of their differences, the country's east, west and central areas should all prioritise the improvement of people's livelihood and welfare in their pursuit of development," he added.


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