China will improve its services for the “new economy” to accelerate new growth, according to a government document.

The concept of “new economy” was initiated in March 2016 and written into the government work report. The new economy is not only about the emerging forms of businesses and industries, such as e-commerce, cloud computing and the Internet of Things, but also about smart manufacturing, large-scale customized production, family farms, and share-holding cooperatives in agriculture, according to Chinese Premier Li Keqiang.

China will continue to enhance administrative efficiency to better serve rapidly-growing emerging industries and upgrade old ones, said the document of the State Council, made public on Friday.

To reduce restrictions on the new economy, China will step up the process of approving, revising and abolishing laws and regulations, and allow local authorities to implement their own rules to test new business models in low-risk sectors, including logistics, education and tourism.

Support for innovation and business registration will also be strengthened.

Regulators responsible will take a more inclusive attitude to encourage innovation, while ensuring fair and open market entry, strengthening risk control, and improving the social credit system.

The government will also promote effective flows of knowledge, technologies, information and data resources, and push for more rapid translation of scientific results into productivity.

In the face of economic downturn pressure, China's policymakers have pinned high hopes on the new economy to drive up growth and carried out an array of measures to boost innovation and stimulate market vitality.

(Source: Xinhua)