Li: 'two engines' to propel China's growth
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Chinese Premier Li Keqiang delivers a speech at the opening ceremony of the Boao Forum for Asia (BFA) annual conference in Boao, south China's Hainan Province, March 24, 2016. [Xinhua/Rao Aimin] |
China will actively foster new growth drivers while transforming and upgrading traditional ones so that they will form "twin engines" to propel China's development, Premier Li Keqiang said while delivering a speech at the opening ceremony of the 2016 annual conference of the Boao Forum for Asia in China's southernmost island province of Hainan on Thursday morning.
Eight years have passed since the occurrence of the international financial crisis, but its profound impacts have not been eliminated, the premier said. The recovery remains uneven in the emerging economies and sluggish in the developed ones.
He said the government will prevent the loss of speed by maintaining medium-high growth in the long term and promote the development toward the medium-high end.
He also expressed hope that all countries in the world will deepen cooperation, coordinate policy and oppose protectionism in any form.
In Asia, developing countries alone recorded average growth of 6.5 percent in 2015, contributing about 44 percent of the world's total growth, he said.
One important reason why Asia had achieved a rapid growth over the past decades is that the region kept a generally peaceful and stable environment. Dialogue and cooperation is the golden key, the premier said.
He stressed that, inspired by history and experiences after the WWII, Asian countries should be good neighbors and friends and not be disturbed by minor frictions and contradictions, no matter what stage of development they are in.
"We have reason to be more confident, but we must foster further growth momentum, and play a more important role in the economic recovery of Asia itself and the world at large," he said.
Li said the region has achieved a "miracle" thanks to the diligence and intelligence of the people and should make more use of those qualities.
Innovation is one of the key principles in China's pursuit of an economic transition from growth driven by investment and exports to growth led by consumption.
Li said that the region should try to raise productivity of the labor force through education and training, and increase investment in research and development.
"We should make use of new models such as the Internet Plus. We should build platforms for innovation cooperation and encourage the sharing of best practices ... to involve the general public, especially young people," he said.
"This will help countries in our region to embark on a path of development driven by innovation and growth led by upgrades," he said.
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