Premier Li Keqiang: Twin growth engines will drive economy

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Premier Li Keqiang: Twin growth engines will drive economy

2014/11/6 16:24:02 Source：english.gov.cn

Premier Li Keqiang highlighted the twin roles of emerging and traditional industries as the two engines driving continued economic growth. “Our infrastructure and public works still lag,’’ he said as he stressed that major projects in the offing were set to unleash major benefits. “Building the Midwest railway, speeding up reconstruction, and improving the urban underground pipeline network are projects of great potential,” he said while bringing attention to a growing entrepreneurial spirit. “However, through reform of commercial systems and other measures to streamline administrative procedures and a delegation of powers to lower levels, a momentum of entrepreneurship and innovation has been gathering pace in society. Emerging business models and industries, like e-commerce and small and micro-enterprises, will become the new engine of China’s economic growth.” Premier Li made the remarks while he chaired a meeting with scholars and heads of enterprises to discuss the economic situation and future projects on Nov 3 in Beijing. Among those invited were Liu Qiangdong, founder of e-commerce company JD.com Inc, and Luo Feng, chairman of Internet direct-selling platform IZP Technologies Co Ltd. “Some may complain about the market and demand, but the e-commerce industry hasn’t felt many pinches,” JD.com’s Liu told the Premier, raising a laugh from those in attendance. Liu largely credited the high growth rate of his company in recent years to an expanding rural market. “We always thought consumption in villages would be low. But in recent years we’ve expanded our express services to rural areas. In the first half of the year sales growth in the countryside increased by more than 300 percent, which is two to three times higher than that for urban areas,” Liu added. The Premier responded that “you’ve made it possible for villagers to enjoy the same consumer services as people in the cities. It not only expands the market, but also advances social fairness’’.

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关键词：Premier Economy Engines Growth Engine continued emerging benefits economic network