China to quicken reform and invest in innovation
By Wang Yanlin |
March 19, 2012, Monday
|
Print Edition
Print Edition
China is to accelerate economic reform in a wide range of aspects and increase spending in research and development to encourage innovation, Vice Premier Li Keqiang said yesterday at the China Development Forum in Beijing.
"China has entered a critical period in its economic restructuring and the reforms can't be delayed," Li said at the forum attended by top government officials, the head of the International Monetary Fund and business leaders.
"Reforms have reached a tough stage. But we should further push forward market-based changes because they serve as a foundation to sustain China's economic growth," Li said.
He said the country would deepen reform in the areas of tax, finance, prices, business and income distribution and seek breakthroughs in key areas to let market forces play a bigger role in the allocation of resources.
To sustain China's growth against a stumbling global economy, Li said that the country would adopt policies which were targeted, flexible and forward-looking, and pump 1 trillion yuan (US$158 billion), or more than 2 percent of China's economic output, into research and development this year to encourage innovation.
"Innovation in technology, management and products is crucial to propel economic restructuring and updating," Li said. "The government will vigorously push forward innovation, and turn China's large population into a rich source of skilled professionals."
Although more domestic demand is now regarded as a major force to drive China's economy, trade and foreign investment are still considered important sources of growth.
Li said China would still be able to achieve double-digit growth in both trade and foreign direct investment this year, and continue to improve the foreign investment environment.
"China's open economy offers huge opportunities for foreign investors," Li said.
"We will keep promoting fair competition and enhancing intellectual property protection, and hope for shared development with all participants."
He expected China's total trade to top US$10 trillion in the five years to 2015.
Zhang Ping, director of the National Development and Reform Commission, the country's top economic planning agency, said that investment remained important for China's growth, and the government would gradually allow private capital to enter areas that included railways, finance, energy, telecommunications, education and medicare in the future.
"China has entered a critical period in its economic restructuring and the reforms can't be delayed," Li said at the forum attended by top government officials, the head of the International Monetary Fund and business leaders.
"Reforms have reached a tough stage. But we should further push forward market-based changes because they serve as a foundation to sustain China's economic growth," Li said.
He said the country would deepen reform in the areas of tax, finance, prices, business and income distribution and seek breakthroughs in key areas to let market forces play a bigger role in the allocation of resources.
To sustain China's growth against a stumbling global economy, Li said that the country would adopt policies which were targeted, flexible and forward-looking, and pump 1 trillion yuan (US$158 billion), or more than 2 percent of China's economic output, into research and development this year to encourage innovation.
"Innovation in technology, management and products is crucial to propel economic restructuring and updating," Li said. "The government will vigorously push forward innovation, and turn China's large population into a rich source of skilled professionals."
Although more domestic demand is now regarded as a major force to drive China's economy, trade and foreign investment are still considered important sources of growth.
Li said China would still be able to achieve double-digit growth in both trade and foreign direct investment this year, and continue to improve the foreign investment environment.
"China's open economy offers huge opportunities for foreign investors," Li said.
"We will keep promoting fair competition and enhancing intellectual property protection, and hope for shared development with all participants."
He expected China's total trade to top US$10 trillion in the five years to 2015.
Zhang Ping, director of the National Development and Reform Commission, the country's top economic planning agency, said that investment remained important for China's growth, and the government would gradually allow private capital to enter areas that included railways, finance, energy, telecommunications, education and medicare in the future.
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