Premier encourages firms to reform, innovate

Chinese Premier Li Keqiang on Monday encouraged enterprises to push forward reform and innovate to counteract the economic slowdown.

He said enterprises should, instead of having a wait-and-see attitude, take bold action to seize the opportunity by adopting new technologies and transforming their business models, thus improving competitiveness and surviving.

Li was speaking at a symposium attended by the country's leading businessmen from sectors including foreign trade, construction, finance and the Internet.

China's business environment keeps improving as the economy has gathered steam in the end of the first half. Industrial businesses saw their profits rising in the first five months.

Li said the government will continue to cut the burdens on enterprises by simplifying administrative procedures and reducing transaction and financing costs.

Li said he is confident that Chinese economy will keep growing at a moderately rapid pace and in a sustainable and healthy manner.

China's economic growth slipped to the lowest quarterly expansion in the Jan.-March period since the third quarter of 2012, but indicators have shown the economy is gradually gaining strength.