Premier Li stresses economic upgrade, livelihood improvement (5)

BEIJING, Dec. 29 -- China will continue to shore up growth and improve people's livelihood, Premier Li Keqiang said during an inspection tour in Tianjin City.

The tour was partly meant as a New Year greeting and President Xi Jinping had made similar visits to a heat supply company and a nursing home in Beijing on Saturday .

Young people are the new force for business start-ups and innovation, Li said while visiting a Tianjin-Beijing business incubation center.

Their undertakings need the support of reform as well as passion, he said, noting reforms will clear obstacles and create more room for growth.

China will press ahead with slum renovation as it can improve people's livelihood, he said while visiting five families living in a shanty town area of Tianjin.

He called for concerted efforts from both government and the people to ensure families are relocated into new homes as soon as possible.

The government will increase financial support for renovations while private capital is encouraged to contribute, he said.

China will continue with its administrative streamlining efforts, giving more power to the market, he said while visiting a local administrative office for industry and commerce.

In reducing market intervention, the government should exercise effective supervision, he said, noting work such as food safety is of paramount importance and should be done well.

Premier Li called for innovation in financial services, encouraged financial companies to do more to meet the needs of the real economy, and expand their overseas presence as he listened to a report from the financial leasing arm of the Industrial and Commercial Bank of China (ICBC).

While visiting an ICBC counter, he expressed the hope that banks would provide better service for small and medium enterprises, especially those that create employment.

He said China will promote financial reform, making the financial sector better serve the real economy and aid industrial transformation and upgrading.

Li affirmed the achievements made by Tianjin in reform and development and wished it could become one of the leaders of the new round of reform and opening up.