Premier Li Keqiang has been a staunch advocate of the Internet Plus strategy, which is expected to boost the Chinese economy. (Photo : Reuters)
The Development Centre of the Organization for Economic Cooperation and Development (OECD) gained another member as China officially joined the international organization on Wednesday, July 1, in accordance with Chinese Premier Li Keqiang’s visit to the OECD headquarters.
The premier’s visit is the first time for a Chinese leader to visit the said headquarters in the past two decades.
It was Li Wei, president of the Chinese Development Research Center of the State Council (DRC), who accepted the OECD's invitation in behalf of China.
According to OECD Secretary-General Angel Gurria, China's entry to the international organization marks a "historic and transformative opportunity for mutually beneficial knowledge-sharing."
"Membership recognizes both China's sound experience in development and the Development Centre's role in convening a policy dialogue between OECD and non-OECD countries to advance policy solutions and best practices for sustainable development."
China's entry to the OECD's Development Centre is a significant step toward the country's transition to a new growth model. Increased engagement with developing countries and the global community as a whole are expected products of China's membership.
Among China's main goals is to shed its developing country status by 2050, said Premier Li as he addressed the OECD in Paris on Wednesday. The premier is also optimistic that China can achieve its economic growth target of 7 percent this year despite a bad start.
"Through our hard work, we have the ability and confidence to achieve our target of around 7 percent growth for this year," said Premier Li.
The Chinese premier also addressed other ways to boost an economy, saying that quantitative easing (QE) measures aren't enough. Proper competition, a streamlined administration, and an improved business environment that is highly attractive and accommodating for foreign investors have the power to greatly augment an economy.
