Premier: New drivers emerging in Chinese economy

China is becoming a popular destination for entrepreneurship and business startups from all over the world, with new drivers emerging to provide support for economic growth, Premier Li Keqiang said in his keynote speech at the opening ceremony of the annual meeting of the New Champions 2018 in Tianjin, also known as Summer Davos, on Wednesday.

Currently, China's high-tech and advanced manufacturing industries are leading the country's industrial development, with new businesses emerging in the service sector accelerating industrial upgrades and transformation, Li said.

Online sales went up more than 30 percent per year, and information and green consumption are also on a fast track toward growth, Li said. Consumption contributes more than 60 percent to the country's economic growth, he said.

China's economic structure and growth model have undertaken fundamental changes, with new growth momentum contributing more than one-third of overall economic growth and more than two-thirds of new jobs created in urban areas, laying a solid foundation for sustainable and healthy development, the premier added.