Innovation should drive reform: Premier Li (2)

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On Sep 11, at the opening ceremony of the seventh Annual Meeting of the New Champions 2013, known as Summer Davos, Premier Li said in his keynote speech that "reform and innovation is the running theme and spirit of the policies adopted by the Chinese government and it is the banner that we will always hold high".

"We are implementing the innovation-driven development strategy at a faster pace, aggressively promoting technological innovation and deep integration of science and technology with the economy, and are building a social environment friendly to innovation and business start-up activities," Li added.

Louis Kuijs, chief economist at the Royal Bank of Scotland, said that China will not grow at 10 percent per year anymore but at around 8 percent in the coming years, moderating to around 7 percent by 2020.

"Li rightly focuses, in his presentation and in his work on economic policy, on structural reforms," Kuijs said. "It's good to see that there seems to be a reasonable degree of consensus on how to move forward on financial and monetary reform."

The World Bank is working with China on a broad agenda including eliminating poverty, protecting the environment and improving the urbanization process.

Liu Yuanchun, associate dean of the School of Economics at Renmin University of China in Beijing, said that the sustainable growth of China's economy will remain a driving force of global development.

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