Chinese PM underlines entrepreneurship, innovation

Beijing, Sep 13 (IANS) Chinese Prime Minister Li Keqiang has urged local governments to enhance support for mass entrepreneurship and innovation to add new impetus to the country’s growth, the media reported on Sunday.

Li made the remarks during an inspection tour to Dalian city, which hosted the Summer Davos forum. He visited a platform providing services to makers, or those who turn innovative ideas to products, the Global Times reported.

He lauded some of the creative products and their market prospects and urged the makers to come up with innovative ideas that meet market demands and also pursue the continuous improvement of details and quality of products.

Local governments should make earnest efforts to implement policies on supporting mass entrepreneurship and innovation, including streamlining administrative approvals and delegate power to lower levels, the premier said.

The country should create a sound environment for promoting the growth of start-up companies, injecting new impetus for the country’s economic growth, Li said.

He added that information technology can link people’s creative ideas and push forward the integration of traditional manufacturing and modern service sectors in an effort to lower the cost for transforming industrial structure and raise quality and efficiency.

“The competitiveness of companies will take a leap forward with the increase of each weight of innovation,” Li said after visiting a heavy machinery manufacturer in Dalian.

The country’s bid to promote entrepreneurship and innovation not only expand the room for development of small and micro-sized firms, but also allow large companies to optimise their business, he said.

“With weak world economic recovery and withering global market, Chinese companies should take their due responsibilities and have the courage to compete in the global arena,” Li said.

The country’s economy slowed to 7 percent in the first half of this year mainly due to weak domestic and global demand, down from 7.3 percent last year but generally in line with the government’s annual target for 2015.

According to official reports, China has a labour force of 900 million and over 7 million people graduate from college every year, with more and more of people starting up new businesses.

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