TIANJIN, Sept. 19 (Xinhua) -- Premier Li Keqiang said Wednesday that China would adopt a stricter protection system on intellectual property rights (IPRs).

He made the remarks when addressing the opening plenary of the Annual Meeting of the New Champions 2018, also known as Summer Davos, in Tianjin.

Li said that protecting IPRs meant protecting and inspiring innovation.

"China cannot achieve innovative development without an environment that respects knowledge and protects property rights," he said.

China has established a complete legal system on IPR protection. China's IPR spending to overseas owners is 14 times higher than in 2001 when it became a member of the World Trade Organization, according to Li.

The premier said that China would further strengthen law enforcement and adopt a stricter and more forceful punitive compensation system on infringement to protect innovation in all areas.