"Precision" key to Premier Li's economic vision

BEIJING, July 13 -- Chinese Premier Li Keqiang has insisted that "more precise and effective" measures can help bring the stable and reliable economic growth that China needs.

He also stressed the need to maintain a balance between growth and economic restructuring.

Speaking during a meeting with economists and entrepreneurs on Friday, Li said that any economic situation must be observed from a rational point of view, in a scientific way, according to a government statement issued on Monday.

On one hand, the current global economic recovery is full of twists and turns and, while increasingly erratic, cannot simply be ignored. On the other hand, China's own economy has some obvious traits - a constantly improving industrial structure, transformation of growth engines and some divergences in growth momentum across regions and industries.

As structural conflicts accumulated during years of unbridled expansion loom ever larger, the fundamentals have not changed.

"China's economy still boasts remarkable tenacity, potential and flexibility," Li said.

There is little doubt, Li said, that China's potential for medium-high growth remains underpinned by strong, long-term fundamentals.

As growth momentum and downward pressure wrestle for supremacy in China's economy, the correct orientation of macro, financial and monetary policies will shift the balance towards growth momentum.

China will continue targeted, timely adjustments, but in a "more precise and effective" way, Li said.

While they cannot by avoided, risks will be absorbed and digested to ensure the economy runs within a reasonable range, bringing concerted development in growth, prices, employment, incomes and environmental protection, the premier said.

The very essence of economic upgrades depends on reform and innovation. China will continue with its innovation drive spearheaded by a growing army of entrepreneurs committed to the innovation, he said.