Vice-Premier stresses economic restructuring

BEIJING - Vice-Premier Li Keqiang has underlined the need for China to optimize its economic structure, saying it is important to enhance the country's capacity to cope with risks and generate profitable and quality economic growth.

During his visit to the Institute of Semiconductors under the Chinese Academy of Sciences on Monday, Li said China needs to accelerate the development of its strategic new industries while consolidating its industrial base.

Strategic new industries usually refer to the energy conservation, environmental protection, green energy, bio-industry and high-end equipment manufacturing industries, among others.

Li said it is necessary to let the market play its role in the economic restructuring process, and he warned of redundant construction projects.

China has huge economic potential as it undergoes industrialization and urbanization, but energy resources and the environment will present the biggest obstacles to economic growth, according to Li.

Conserving energy and improving energy efficiency will be key to removing these obstacles, he said, adding that China's green economy market potential will help boost the development of relevant new industries.

During the trip, Li stressed the importance of scientific innovation, saying scientific innovation should serve China's economic development and be application-oriented.

Enterprises should play a leading role in scientific innovation, he said, adding that efforts should be made to strengthen bonds between enterprises and research institutions.

Li also encouraged small and medium-sized enterprises to form business alliances and expand cooperation with investors in a bid to maximize their input into innovation.