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Premier Li: Inclusive Growth is Key to Sustainable Development

Chinese Premier Li Keqiang on June 27 highlighted the importance of promoting inclusive growth to build a sustainable world economy.

"Developing inclusive growth makes societies fairer and development more widely beneficial. Realizing inclusiveness and achieving sustainable development are therefore two sides of the same coin." Premier Li said when addressing the opening of the Annual Meeting of the New Champions 2017, or Summer Davos, in Dalian, a  major city in Northeast China. The Forum of this year carriers the theme of "Achieving Inclusive Growth in the Fourth Industrial Revolution."

As revolutionary changes have been made in various industries due to technological advancements, the new round of industrial revolution, arising in the era of economic globalization, has given a strong boost to economic growth of all countries, brought unprecedented opportunities for equal participation, and offered greater promise of inclusive growth, Premier Li remarked.

No globalization, no inclusive growth

At the Annual Meeting of the World Economic Forum earlier this year, President Xi Jinping elaborated on China's firm commitment to economic globalization and free trade, the Premier noted. According to him, the economic globalization should be firmly upholded to promote inclusive growth.

All countries have benefitted from economic globalization and encountered challenges of different forms. However, those problems cannot be blamed on economic globalization per se. What is important is how to adapt and respond to it. Premier Li added.

To better adapt to and steer economic globalization forward, Premier Li called on countries to promote trade and investment liberalization and facilitation, put in place better institutional arrangements incentivizing efficiency and equity, provide opportunities for equal participation by all, give more support to vulnerable groups and develop a model of balanced and inclusive growth.

China as example

During his speech, Premier Li stressed that China had actively pursued inclusive growth at home. More inclusive growth in China has explained why the Chinese economy has maintained steady growth in recent years despite the sluggish world economy. In keeping with the principles of innovative, coordinated, green, open and shared development, China has highlighted inclusiveness in her development strategies and worked to promote inclusive growth through providing institutional guarantee and policy support. This has helped the country to blaze a path of inclusive growth with distinctive Chinese features.

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