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BEIJING - China will
intensify structural reforms on both the supply and demand sides in 2016 to
prompt steady growth, Premier Li Keqiang told Chinese economists on Thursday.
"To ensure a
sound start to the 2016-2020 development period, China must be innovative in
supply while stimulating demand," Li said at a seminar in Beijing.
On the supply side,
China should maintain structural tax reductions to boost the service and
advanced manufacturing sectors and support small enterprises, and push forward
entrepreneurship and innovation, he said.
"To accelerate
demand-side reforms, China will continue to guide and stimulate consumption
needs by providing better merchandise and services and encourage consumption in
the information, tourism and green sectors," according to the premier.
Confronted with
looming downward pressures, China is overhauling its economic structure to
encourage consumer spending.
Li said China will
encourage a mix of official funds and private capital in investment and push
forward urbanization, industrial upgrades and livelihood projects.
China will keep
cutting red tape to foster emerging industries and speed up the overhaul in
traditional industries to improve efficiency, he also promised.
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