Chinese PM: Global Effort Needed to End Market Uncertainty Caused by Brexit

© REUTERS / Clodagh KilcoyneA scrabble board spells out Brexit in Dublin, Ireland May 4 2016.
A scrabble board spells out Brexit in Dublin, Ireland May 4 2016. - Sputnik International
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The United Kingdom's exit from the European Union has increased uncertainties in the global market, and the world needs to make concerted efforts to find a way out and push for the revitalization of the global economy, Chinese Premier Li Keqiang said at the opening of the Annual Meeting of the New Champions in Tianjin on Monday morning.

Li said Europe is China's important partner, and Beijing will continue to maintain sound rapports with Europe and the United Kingdom.

"We hope to see a unified and stable EU, as well as a stable and prosperous Britain," the premier said.

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He said that in a globalized world, all economies are highly interdependent, and therefore they need to join hands and forge ahead together.

The Annual Meeting of the New Champions 2016, also known as the Summer Davos Forum, held between June 26 and 28, carries the theme "the fourth industrial revolution and its transformational impact."

Around 1,700 politicians, entrepreneurs, scholars, and media representatives from over 90 countries attended the event.

Premier Li calls for reform to revive world economy

Chinese Premier Li Keqiang made proposals on promoting the stable recovery of the world economy at the annual meeting, saying it is imperative to actively carry out structural reform and speed up economic transformation and upgrading.

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He called for strengthened efforts in demand management and structural reform to eliminate the root causes of deep-seated problems in the world economy.

Efforts should be made to advance fiscal and financial reform, relax regulatory restrictions, promote competition, and support innovation to promote the robust, sustainable and balanced development of the world economy, he said.

"For the world economy to walk out of its woes, the ultimate solution lies in transforming the growth pattern and replacing old drivers with new drivers," Li added, urging all countries to seize the opportunities provided by the new industrial, scientific and technological revolution.

"The stable recovery of the world economy cannot be achieved without efficient and orderly global governance," he said.

© Photo : Feng Yongbin / chinadaily.com.cnPremier Li Keqiang delivers a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin
Premier Li Keqiang delivers a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin  - Sputnik International
Premier Li Keqiang delivers a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin

Various countries must adopt growth-friendly policies, strengthen macro-policy coordination, advance trade and investment liberalization and facilitation and work together to build a fairer, more just and open international economic system, he said.

New driving force bringing momentum to economy — Premier

It is pleasant to see that China's new driving forces are showing a rapid growth trend and playing a bigger role in guaranteeing employment, increasing income and advancing upgrading, said Li at the opening of the meeting.

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As China enters 'new normal' after years of speedy growth and faces downward pressure, China adopted innovative macro-control policy and vigorously promote structural reform, focus on cultivating new driving face as well as transforming and upgrading traditional ones. Li said that China has maintained steady economic growth and has gained positive progress in structural readjustment.

"Giving some time, new driving force will bring new momentum to China's economy," Li said.

Li added that China has witnessed the development in reform and innovation as well as adjustment and transformation in the first six months this year.

"Innovation ideas that we initiated (also) contain the theory and spirit of sharing," said Premier.

According to him, a sharing economy is also an economy that contributes to mass innovation. It is available for every individual to participate in and benefit from, and helps generate a proper pattern for income and its distribution.

Li said that the sharing economy provided equitable competition opportunities for everyone, while also boosting the medium-income group and letting individuals reach their full potential to pursue the value of life.

"The further development of globalization and the popularization of the internet have presented a broad stage and extensive space for people to implementing mass innovation and entrepreneurships," Li said.

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"By initiating and promoting the mass entrepreneurship and innovation, the innovative ideas and activities are fused together between big enterprises and startups, online and offline, companies and scientific research institutions, for effectively crowdfunding, crowd innovation and crowdsourcing."

According to Li, service industry is showing obvious advantage. Intelligent communications, smartphones, new-energy vehicles are growing, tourism, culture, sports, health industries are boosting consumption increase and upgrading.

"Overall, China's economic structure is optimizing, its quality is improving and driving forces accumulating," said Li.

Sharing economy is also mass innovative economy — Li

"Innovation ideas that we initiated (also) contain the theory and spirit of sharing," said Premier Li Keqiang during the opening of the Annual Meeting of the New Champions in Tianjin on Monday morning.

© Photo : Feng Yongbin / chinadaily.com.cnPremier Li Keqiang waves his hand to the audience right before delivering a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin
Premier Li Keqiang waves his hand to the audience right before delivering a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin - Sputnik International
Premier Li Keqiang waves his hand to the audience right before delivering a keynote speech at the opening of the annual Meeting of the New Champions in Tianjin

According to Premier Li, a sharing economy is also an economy that contributes to mass innovation. It is available for every individual to participate in and benefit from, and helps generate a proper pattern for income and its distribution.

Li said that the sharing economy provided equitable competition opportunities for everyone, while also boosting the medium-income group and letting individuals reach their full potential to pursue the value of life.

"The further development of globalization and the popularization of the internet have presented a broad stage and extensive space for people to implementing mass innovation and entrepreneurships," Li said.

"By initiating and promoting the mass entrepreneurship and innovation, the innovative ideas and activities are fused together between big enterprises and startups, online and offline, companies and scientific research institutions, for effectively crowdfunding, crowd innovation and crowdsourcing."

By Zhao Huanxin (China Daily). Wu Xiaobo, Cai Muyuan and Liu Zheng contributed to this story.

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