Chinese Premier Li Keqiang speaks during a session of the National People's Congress at the Great Hall of the People in Beijing on March 5. (Photo : Reuters)
Chinese Premier Li Keqiang pushed on Friday the creation of “twin engines” to achieve medium-high levels of growth and development in the country.
In a panel discussion with national legislators from Shandong Province, Li said that the government should encourage popular entrepreneurship and mass innovation while at the same time increase the supply of public goods and services.
He also pointed out that major infrastructure projects, such as the renovation of crumbling urban areas, railway projects and huge water conservation projects, would bring in diversified investors aside from that of the government.
"We should revive the conventional growth engine," Li said, adding that the government from all levels should have a clearer mindset.
On Thursday, Li delivered a report to the National People's Congress (NPC) stating that the shrinking Chinese economy can achieve a medium-to-high speed of growth and development and that China needs to rely on both traditional and new sources of growth.
"The double 'medium-to-highs' provide a long-term solution for the Chinese economy and helped ease worries over the outlook of the world's second largest economy," said Zhang Xiaoji, senior researcher at the Development Research Center of the State Council.
The premier also stressed the importance of adapting to the economic "new normal" with a fresh perspective and work in line with the strategy of building a moderately prosperous society, strengthening reforms, advancing the rule of law and maintaining strict governance of the Party.
Li, who also serves as deputy to the NPC from Shandong, also told officials that the province should hasten industrial restructuring, improve the maritime industry, and upgrade the agriculture sector.
"More efforts should be made to improve public services and raise people's livelihood," he said.
