Xi stresses innovation to bolster economy

Beijing: Chinese President Xi Jinping has asked senior officials to “make innovation the pivot of development,” according to a speech published in the People’s Daily on Tuesday. “China’s economy, now the world’s second largest, still suffers from low quality of growth. Lack of innovation ability has been the Achilles’ heel for economic development,” said Mr Xi in the speech, given at a symposium attended by ministerial and provincial officials in January this year.

“Though the focus of scientific and technological development in China has been shifting from quantity to quality, the country still lags behind developed ones in terms of cutting-edge and core technologies in fields of military and national security,” he said.

The president called for better research of key technology that is crucial to the country’s economic and social development.

He called on officials to understand the new stage of development referred to as the “new normal” -- a slowing of growth the economy must go through before it becomes more balanced and sophisticated. But he added, “The new normal does not mean we can idle around and ignore GDP growth.”

Aside from innovation, Mr Xi also highlighted co-ordination, green development, opening up and sharing, the new development concepts proposed in the country’s roadmap for social and economic development covering 2016 to 2020. Using playing piano with all 10 fingers as a metaphor, he said China should coordinate development among regions and urban and rural areas, balance economic growth with cultural development, and work toward integrated development of the economy and national defence. Xinhua