Chinese Premier’s speech at open­ing cer­e­mony of the an­nual meet­ing of the New Cham­pi­ons

Kuwait Times - - BUSINESS -

At the An­nual Meet­ing of the New Cham­pi­ons 2017 held on June 27th in the city of Dalian, China, Chinese Premier Li Ke­qiang stressed the im­por­tance of pro­mot­ing in­clu­sive growth and achiev­ing sus­tain­able de­vel­op­ment in the new round of in­dus­trial rev­o­lu­tion which is aris­ing in the era of economic glob­al­iza­tion. Li said, more in­clu­sive growth in China has been an im­por­tant rea­son why the Chinese econ­omy has main­tained steady growth in re­cent years de­spite the slug­gish word econ­omy.

The Chinese econ­omy has main­tained a mo­men­tum of steady and sound growth this year. The first quar­ter saw 6.9% growth with marked im­prove­ment in economic per­for­mance, and ma­jor economic in­di­ca­tors have con­tin­ued to move in a pos­i­tive di­rec­tion in the sec­ond quar­ter. In par­tic­u­lar, the un­em­ploy­ment rate for ur­ban ar­eas in China has fell to 4.91% in May, the low­est level in years. And over 13 million new ur­ban jobs have been cre­ated on a yearly ba­sis over the past few years. A num­ber of in­ter­na­tional or­ga­ni­za­tions and re­search institutions have re­cently re­vised up China’s growth fore­casts.

China has im­ple­mented the strat­egy of in­no­va­tion-driven de­vel­op­ment, en­cour­ag­ing more peo­ple to go for en­trepreneur­ship and in­no­va­tion. For the past three years, an av­er­age of over 40,000 new mar­ket en­ti­ties have been set up ev­ery day, in­clud­ing some 14,000 newly reg­is­tered en­ter­prises. China’s en­trepreneur­ship and in­no­va­tion have greatly ad­vanced economic trans­for­ma­tion and up­grad­ing.

China has also achieved valu­able changes in the economic struc­ture. Last year, con­sump­tion be­came a pri­mary growth driv­ing fac­tor, con­tribut­ing 64.6% to economic growth. The added value of the service sec­tor ac­counted for more than 51.6% of GDP. Cur­rent ac­count bal­ance to GDP ra­tio dropped to 1.8%, show­ing that do­mes­tic demand has be­come a strong pil­lar of the Chinese econ­omy. These ma­jor changes point to the qualitative im­prove­ment in the Chinese econ­omy and have made the growth more sta­ble and sus­tain­able.

China has con­tin­ued to raise the stan­dards of ba­sic so­cial wel­fare for the peo­ple. In the past 30 years and more, over 700 million Chinese have been lifted out of poverty, cre­at­ing a Chinese mir­a­cle in the his­tory of poverty re­duc­tion. In the past five years, China has in­vested over six tril­lion Yuan in cu­mu­la­tive terms to en­sure proper hous­ing for over 80 million peo­ple by re­build­ing more than 30 million hous­ing units.

Li em­pha­sized that all coun­tries must bet­ter adapt to and steer economic glob­al­iza­tion for­ward and pro­mote trade and in­vest­ment lib­er­al­iza­tion and fa­cil­i­ta­tion, and put in place bet­ter in­sti­tu­tional ar­range­ments pro­vid­ing op­por­tu­ni­ties for equal par­tic­i­pa­tion by all, give more sup­port to vul­ner­a­ble groups and de­velop a model of bal­anced and in­clu­sive growth.

Li also said, China will in­tro­duce one-tril­lion-yuan re­duc­tion in taxes and fees for busi­ness this year, which will be ap­plied equally to for­eign-in­vested com­pa­nies. And in the com­ing five years, China will im­port 8 tril­lion US dol­lars worth of goods. A Chinese econ­omy which en­joys a sound mo­men­tum in the long run and be­comes in­creas­ingly open will re­main the most at­trac­tive in­vest­ment des­ti­na­tion.

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