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Premier Li: China Blazed Path of Inclusive Growth with Chinese Features

The World Economic Forum's 11th Annual Meeting of the New Champions took place on 27-29 June in Dalian, China, convening under the theme Achieving Inclusive Growth in the Fourth Industrial Revolution. Li Keqiang, the Chinese Premier, acknowledged in his opening address the widespread impact of the Fourth Industrial Revolution across all economies, sectors and business models. He stressed the importance of pursuing strategies for inclusive growth to ensure that the negative effects of the Fourth Industrial Revolution are limited.

Li was positive about the Fourth Industrial Revolution: "The new Industrial Revolution presents greater opportunities for inclusive growth than ever." He noted that China has actively pursued inclusive growth at home and blazed a path of inclusive growth with distinctive Chinese features.

As employment is the foundation for achieving inclusive growth, China has given priority to employment in pursuing development, Li stressed. China has a workforce of over 900 million and each year about 13 million students graduate from colleges and secondary schools and a large number of rural surplus labor migrate to towns and cities. Over the past few years, over 13 million new urban jobs have been created on a yearly basis, and surveyed urban unemployment rate has been kept at around 5%, which is a truly remarkable achievement for a major developing country with more than 1.3 billion people.

Following the strategy of innovation-driven developmentand promotion of mass entrepreneurship and innovation, the Chinese government had been encouraging more people to go for entrepreneurship and innovation in recent years. According to his speech, not only are enterprises and research institutes engaged in this effort, but more and more ordinary people are also joining in. For the past three years, an average of over 40,000 new market entities have been set up every day, including some 14,000 newly registered enterprises. China now has built open and sharing platforms, where innovators of various kinds interact online and offline, making entrepreneurship and innovation more efficient, less costly and faster.

China has continued to raise the standards of basic social welfare for her people.The premier explained that the Chinese goverment put in place three social safety nets covering the entire population, i.e. basic pension, basic medical care and compulsory education. In the past 30 years and more, over 700 million Chinese have been lifted out of poverty, creating a Chinese miracle in the history of poverty reduction. The Chinese government is now putting in targeted poverty alleviation efforts with the goal of taking the remaining over 40 million rural poor out of poverty by 2020. In the past 8 years, China has invested over 6 trillion yuan in cumulative terms to ensure proper housing for over 80 million people by rebuilding more than 30 million run-down housing units, which is the equivalent to housing the whole population of a relatively big country.

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