Premier Li stresses economic restructuring for high-quality development

Chinese Premier Li Keqiang on Friday called for solid efforts in economic restructuring to maintain steady growth while moving toward high-quality development.

Chinese Premier Li Keqiang chairs a plenary meeting of the State Council in Beijing, capital of China, May 25, 2018. [Photo/Xinhua]

Chairing a plenary meeting of the State Council, Li said "China should stick to the principle of pursuing progress while ensuring stability, and properly manage the timing, regulation manner and intensity of macro-control."

"China should keep deepening reforms and focus on transforming government functions to further bring out market vitality," Li said.

"Unswerving efforts should be pushed to expand opening-up to allow local and foreign businesses to compete fairly in the Chinese market," the premier said.

Efforts should be made to streamline administrative procedures, improve government services, broaden market access and reduce taxes and fees, so that market can play a decisive role in resource allocation and government can serve better, according to Li.

China should speed up economic restructuring, cultivate new growth drivers and update traditional industries, so that Chinese industries will move to the medium-high end of the value chain.

Li also said that environmental protection should go hand in hand with economic growth. Outdated capacity should be eliminated while more efforts should be made to develop environmental protection industries, he said.

Development should be people-centered, with high-quality mechanisms to support fields including poverty alleviation, employment, compulsory education, and healthcare, Li said.

Li also stressed strengthened risk control, especially in fields including finance, urban governance and workplace safety.