China urges high-tech innovation to boost economy

Chinese Premier Li Qiang doubled down on the potential of the Chinese economy on Monday, expressing confidence in its continuous and healthy growth while reaffirming need for technological innovation in order to drive industrial innovation.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, convened a symposium with economic experts and entrepreneurs to solicit opinions on the current state of the economy and the work for the next step.

The premier acknowledged the rising complexity, severity and uncertainty in the external environment. However, he emphasized that China's development, anchored by a solid foundation, multiple advantages and immense potential, will not change its upward trend in the long run.

Li said China has the confidence and capability to sustain robust economic development.

China has vowed to continue proactive fiscal policy this year in an effort to offset downward economic pressure. In data released early Monday, China's retail sales, investment, and industrial output have shown robust growth. 

Specifically, China's retail consumer goods sales rose by 5.5 percent year on year in the first two months of 2024, picking up from an increase of 3.5 percent in the same period of 2023, according to National Development and Reform Commission.

In Monday's meeting, Li noted that to consolidate and boost the positive economic trajectory, it is imperative to intensify efforts toward expediting the implementation of government policies, further stimulating market entities, bolstering the endogenous momentum, and tackling prominent problems systematically.

Greater emphasis should be placed on improving people's livelihoods, Li stressed.

The Chinese premier urged experts to contribute more wisdom to economic and social development and entrepreneurs to focus on innovation and development and to actively explore business opportunities.

(With input from Xinhua)

(Cover: Container ships at the Qianwan Container Terminal in Qingdao Port, east China's Shandong Province, July 29, 2022. /Xinhua)