雙引擎 (shuang yinqing):Double engines

The term was introduced by Premier Li Keqiang in his speech on China's economy at the World Economic Forum in Davos, Switzerland, on Jan 21. Li said that China's economy is not heading for a hard landing, as there are two engines for China's economic growth in the future: the government reforms and the market. It is the first time Li has used the expression "double engines", and it was immediately in the media spotlight, being interpreted as one of the core concepts of the latest version of "Likonomics".

China's economic potential depends on its huge domestic market, the hard work of the Chinese people, as well as good and proactive governance, Li said. A more liberalized market and government reform will help drive China's economic growth in the upcoming years. The function of the market is to encourage people to do business creatively and drive innovation to accelerate China's economy. The function of the government is to provide infrastructure construction and public goods and services, which is what China lacks. The premier has said that he was confident that by means of the two engines, China's economy would avoid the middle-income trap.