Li Keqiang: New technologies, industries and business models boost new growth drivers

BEIJING - On 12 September, Premier Li Keqiang hosted the "1+6" Roundtable with heads of major international economic organizations in Beijing.

When talking about China's economic performance, Premier Li commented that in recent years, new industries and new forms and models of business have made much greater strides than anticipated. Research shows that new drivers of growth now contribute 30 percent of China's economic growth and create 70 percent of new urban jobs, becoming an important underpinning of growth. Seizing the opportunities brought by the new round of scientific and technological revolution and industrial transformation, the Chinese government has been implementing the Internet-plus and big data strategies and fostering the digital economy, sharing economy and green economy through accommodating and prudential regulation to promote healthy growth of these emerging industries. In the meantime, we have worked to upgrade the production, management and marketing of traditional industries and encouraged enterprises to pursue product innovation, quality improvement and brand promotion. We adopted a market- and rules-based approach to resolutely phase out backward production capacity, actively absorb excess capacity and effectively deal with the so-called "zombie enterprises". This has created much more space for the growth of new drivers.