Premier Li vows to upgrade economy through reforms

Chinese Premier Li Keqiang (C) speaks during a meeting on the economic situation in Beijing, capital of China, Nov. 3, 2014. Li Keqiang presided over a meeting with representatives from research institutes and companies on the economic situation in Beijing Monday. (Xinhua/Ma Zhancheng)

Premier Li Keqiang vowed Monday to upgrade the Chinese economy through reforms and innovation.

He made the remarks while chairing a meeting with scholars and heads of enterprises to discuss the current economic situation and future economic work.

The belief that the economy is running within a reasonable range is based on the fact that economic growth can provide sufficient employment and maintain stable prices while raising incomes, improving the environment, and boosting quality and efficiency of development, Li said.

The government will turn to more farsighted means to tackle realistic difficulties, give the market a larger role and improve growth quality and efficiency to promote scientific and upgraded growth, he said.

Development is the top task for China as it is a large developing country, Li said.

Development does not only mean enlarging the economy through growth, but also strengthening the economy through improving quality and efficiency, Li said, adding that the ultimate target is to maintain medium and high growth, while also marching toward medium and high-end quality.

Comprehensively deepening reforms is essential, including streamlined administration and delegating power to lower levels as well as removing administrative approvals, market barriers and various other "roadblocks" while making space for markets and entrepreneurship, Li said.

To achieve stable and sustainable growth, the Chinese economy must focus on improving quality and efficiency, boosting development through reforms and seeking upgraded development, Li said.

More efforts should be made to support new technology, new forms of business and new industries so that they can serve as new "engines" for the Chinese economy, he said, adding that traditional sectors should also be boosted toward high-end, low-carbon and smart development, he said.

"People's livelihood is what we care about most. It is also the key to expanding demand and underpinning development," he said.