Chinese premier lauds progress in mass entrepreneurship, innovation

DALIAN -- Premier Li Keqiang said Tuesday that China has achieved better-than-expected results in its efforts to drive mass entrepreneurship and innovation.

The number of market entities in China increased by a daily average of 40,000 in the past three years, Li said in a speech at the opening ceremony of the Annual Meeting of the New Champions 2017, also known as the Summer Davos, held in northeast China's coastal city Dalian.

During that period, 14,000 enterprises were registered every day on average, with about 70 percent of them active in business, and the number of new enterprises rose to 18,000 a day in May this year, according to Li.

He described mass entrepreneurship and innovation as an effective way to realize inclusive growth, saying the process engages and benefits the people extensively.

New growth momentum, including new industries and new business models, contributed around 70 percent of all new jobs created in the country's cities last year, said the premier.

"Inclusive and prudent regulation" by the government has fostered rapid development of emerging industries and business models including e-commerce, mobile payment and bike sharing, Li said.

Meanwhile, mass entrepreneurship and innovation also helped transform the country's traditional sectors and accelerate the upgrading of the economy, he said.

Being held from Tuesday to Thursday, the Summer Davos this year will focus on how technology and policy innovations can accelerate a more inclusive style of economic growth that prioritizes meaningful job creation and sustainable development.

Around 1,500 politicians, officials, entrepreneurs, scholars, and media representatives from over 90 countries and regions will discuss topics from inclusive growth to the new industrial revolution.

Established by the World Economic Forum in 2007, the Summer Davos is held each year in China, alternating between Dalian and the port city of Tianjin.