Innovation should drive reform: Premier Li

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Innovation should drive reform: Premier Li

By Chen Jia (China Daily) 08:20, September 18, 2013

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Chinese Premier Li Keqiang (R) talks with World Bank Group President Jim Yong Kim in Beijing on Monday.(Photo/Xinhua)

Innovation should be one of the major driving forces of China's ongoing economic reforms and development in the future, as the country's GDP is expected to slow from double-digit growth, Premier Li Keqiang said on Monday.

Li stressed that China's innovation drive should cover several areas, including technology, the economic system and the government's management mechanism, which are closely linked with the reform blueprint formed since he took office in March.

The Premier made the remarks at a meeting with the World Bank's President Jim Yong Kim in Beijing. This is the second time that Kim has visited China since he became the top leader of the organization.

Li sees innovation as the main driver to promote social comprehensive competitiveness, improve the quality and efficiency of economic development, as well as accelerate the growth pattern's upgrading process.

The world's second-largest economy went down from 7.9 percent GDP growth in the fourth quarter of last year to 7.7 percent in the first quarter of this year and 7.5 percent in the second quarter, with a reduced increase in consumption, investment and foreign trade.

Meanwhile, existing problems, including an excess of production capacity in the manufacturing sector, shadow-banking risks and expanding local government debt require the government to keep making progress on the reforms to secure the economic growth's bottom line.

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