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 on June 27, 2016. [Feng Yongbin / chinadaily.com.cn]

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.

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.

"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.