Opportunity for economic growth in China lies in entrepreneurship, structural reform and new technologies

Liu Shijin, deputy director of the Committee on Economic Affairs of the 13th National Committee of the Chinese People's Political Consultative Conference and former deputy director of the Development Research Center of the State Council, delivered a keynote speech on the theme, "Structural Reform and Tapping into New Growth Potential: Deepening Stable Growth and Promoting Transformation." He pointed out that China's economic development and steady growth must be based on exploring two specific new growth potentials: "catch up" potential, i.e. the potential to lessen the gap between itself and developed countries; and the digital/green potential spawned by new technology, exemplified by the so-called "New Three": solar cells, lithium batteries, and electric vehicles.

In addition, Liu stressed the importance of structural reforms, including increasing per capita income, providing more basic social services, investment in human capital, housing registration reform, integrating rural and urban development, nurturing China's entrepreneurial spirit, and adjusting classification of companies from the enterprise level to the investment level as potential avenues, for pursuing stable growth in China's economy.