Chinese Premier Li Keqiang: Creating New Dynamism Through Reform and Innovation

On September 10, 2014, Chinese Premier Li Keqiang delivered a speech entitled “Creating New Dynamism Through Reform and Innovation” at the opening ceremony of the Annual Meeting of the New Champions 2014 of the World Economic Forum, also known as the Summer Davos Forum. The following are some highlights of the speech.

- Beginning from this year, Chinese economy faces heavier downward pressure. We adhere to the general work principle of making progress while maintaining stability, stay on the course and pursue a proactive approach. Instead of adopting "strong economic stimulus", we have made great efforts to promote reform, readjust the structure, and improve people's livelihood, and have maintained steady economic performance. In the situation of the growth slowing down, the employment rate has risen rather than fallen, the structure has been constantly optimized, and the quality of the growth has been improved.

- The overall stability of Chinese economic operation is realized mostly through the implementation of targeted adjustment and control under range-based controlling, which is also a kind of structural adjustment and control. We will continue to innovate our thinking patterns and approaches of macro-control, adopt the measures of reform and innovation more, focus on "incentivizing market entities, strengthening weak links and boosting the real economy", push forward reforms in the key areas of systematic importance, and translate the "gains of reform" into "new dynamism of development" and "new benefit to people's livelihood". We are confident in and capable of realizing the main expected goal for the economic and social development this year.

- Looking into the future, China should further accelerate the transformation of the mode of economic development, promote the structural adjustment through structural reforms, and make good use of the "golden key" of innovation, so as to make China's economy maintain a medium-high growth rate, move toward the medium-high level, and forge an upgraded version of Chinese economy.

- China will accelerate the pace of institutional innovation. Innovation involves not only technology but more of institution and mechanism, management and growth models. We should come up with a "power list", clarifying what the government should do, in accordance with the principles of "Items not legally authorized shall be deemed as impermissible", "Items not legally prohibited shall be deemed as permissible" and "Items legally obliged must be fulfilled"; give out a "negative list", specifying what enterprises cannot do; and sort out a "responsibility list" so as to safeguard the market environment of fair competition. We should strengthen the protection of intellectual property and severely punish the activities involving fake and shoddy products. Through stimulating the market and social vitality, we should make everyone with an entrepreneurial intention gets entrepreneurial space and initiate an upsurge of "public entrepreneurship" and "grassroots entrepreneurship".

- China will enhance scientific and technological innovation, rely more on scientific and technological progress to adjust the structure, cultivate and boost new products and new types of operation, accelerate the development of emerging industries such as the service industry, high-tech industry and industries of energy conservation and environmental protection, actively resolve the contradictions of overcapacity and take the path of innovation-driven and endogenous growth. As long as we make every effort to break the various restrictions on the innovation of individuals and enterprises to create a new situation of "innovation by everyone" and "innovation by all", China's development can step onto a new level.

- China oppose protectionism in all its manifestations, advocate an open, fair and unified global market, and promote a simultaneous move of the "two wheels" of the multilateral free trade arrangements and the establishment of bilateral free trade areas. We adhere to carrying out a more proactive opening strategy as well as optimizing and standardizing the environment of business operation to continuously attract foreign enterprises to invest and develop in China. China will always be an open, learning and inclusive major country, and we will strive to build an innovative major country based on China's national conditions.


On September 9, 2014, Premier Li Keqiang also conducted in Tianjin dialogues and exchanges with more than 200 heads of the world's top multinational companies and representatives from all walks of life such as research institutes and news media. In response to a question about the recent anti-monopoly investigations, Li pointed out that the Chinese government conducts anti-monopoly in accordance with the law and in a transparent and consistent way. While implementing anti-monopoly, the government also fights against forged and fake commodities, infringement upon intellectual property rights, theft of trade secrets and other acts, aiming to maintain an environment for fair competition, make the market more open and better protect the legitimate rights and interests of consumers. China has always treated Chinese and foreign enterprises equally. Since the introduction of the Law on Anti-Monopoly in 2008, among all the price-fixing cases, less than 10% of them involve foreign-funded enterprises. China will continue to open its gate and continue to expand it, continue to improve and perfect the business environment. The implementation of open measures will be conducive to foreign capital and foreign products entering Chinese market.


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