Full Text: Li Keqiang's speech at the opening plenary of Boao Forum for Asia Annual Conference 2016 (5)

The growth momentum comes from efforts to improve people's livelihood. Development should result in better livelihood. The new jobs created as a result of improved livelihood will in turn help boost consumption and economic development. In other words, to improve people's lives, development is something imperative, and development is also a litmus test to the success of reform. The day before yesterday, I visited a tourist center in Sanya where I found a group of university graduates who were enthusiastic participants in the mass entrepreneurship and innovation program in tourism. They turned agricultural produce into handicrafts and travel souvenirs, and developed special tools to meet people's daily need. There, tourism becomes an integrated business covering the first, second and tertiary sectors, which makes it different from traditional tourism. Over the past five years, tourism revenue in China grew by 19% on average. Last year, four billion domestic travels were made. This gave a strong boost to the expansion and upgrading of household spending, and in particular, created many job opportunities. This is only one example of the development of new economy and better life of the people. This year, to ensure and improve people's livelihood, we will continue to focus on fostering a "safety net" covering the five major areas of employment, education, medical care, pension benefits and housing. We will ensure that the people are employed and paid for their work, and people of the right age enjoy equal opportunities of education. We will gradually resolve the problem of access to and affordability of medical services, and make sure that pension funds play the role of ensuring basic and subsistence needs for the old-aged. This year, we will continue to renovate rundown areas and dilapidated old urban houses. We will combine the measures of reducing housing inventory with cash subsidies to relocate people from rundown areas, and better meet the justified housing need of our people. In addition, we will adopt differentiated measures, based on local conditions in different cities, to promote the stable and healthy development of the housing market. We will pay particular attention to poverty relief and make tremendous efforts to reduce poverty, so as to narrow the gap between the rich and the poor and achieve inclusive development.

Eventually, the growth momentum comes from the vigor and creativity of the Chinese people. China is the largest developing country, with over 1.3 billion population. Hundreds of millions of them are skilled professionals with higher education background. In the next five years, 30 to 40 million more will graduate from college. To leverage our strength in labor supply and human resources will unleash the greatest potential and momentum for development. We will improve incentive mechanisms to encourage science professionals to devote themselves to innovation, and in return, they will be held in high respect and receive reasonable returns for their achievements. We will develop better methods for performance evaluation to mobilize the enthusiasm of officials in doing their job and showing initiative. We will build platforms and create conditions to support SMEs while they embrace and become part of the new economy. At the same time, we will transform and upgrade traditional engines for the economy. This way, those interested in starting their own businesses or introducing innovations will be able to put aside any burden they may carry, feel free to act, and make their life worthwhile in the process of creating social wealth. The wisdom and creativity of hundreds of millions of people will be pooled together into an incomparable force for development, taking the Chinese economy over various hurdles and onto new levels.

An upgraded Chinese economy means not only self-improvement for China but also opportunities for the world. Many countries in Asia are China's close neighbors and they will naturally be the first to benefit from China's development. A few days ago, China released the 13th Five-Year Plan for Economic and Social Development, which will take China towards the ambitious goal of finishing building a moderately prosperous society in all respects. In the next five years, China's economy will grow at an average annual rate of above 6.5%, import over US$10 trillion of goods, and make US$600 billion of outbound investment. Several hundred big projects and programs will be launched and put into operation. This will be an open process to be shared by all. I hope that the business communities present here will seize the good opportunity and achieve big success.

Ladies and Gentlemen,

It has been 15 years since the Boao Forum for Asia came into being. These 15 years have witnessed Asia's remarkable development achievements, which is in fact the best and fastest growing period in Asia's history. As the saying goes, "small things add up to become something really big." As long as we work together to foster new dynamics for our economies, we will surely open up a new vision for regional development and embrace a more invigorated new future for Asia.

To conclude, I wish this annual conference a complete success.

Thank you. Endi