Chinese premier vows for quality growth

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a symposium about the country's current economic situation in Beijing, capital of China, July 15, 2014. [Photo: Xinhua/Huang Jingwen]

Chinese Preimer Li Keqiang is promising to try to create quality growth for the country's economy for the rest of this year.

Li Keqiang says the key to fine-tuning the Chinese economy is allowing the market to play a bigger role.

"To inject power into the market is to streamline the government's administrative procedures to provide more opportunities for individuals to start up their own businesses. Only by doing so can we allow companies to have fairer competition in the market. At the same time, the government should increase its investment to provide more public services. Such investment should not only rely on government funding, but should also involve more private capital."

Speaking on an inspection tour of eastern Shandong Province, Li Keqiang says the government's plan is to create more quality growth to generate more jobs and increase average incomes.

He's also calling on financial institutions to provide more support for small and medium-sized companies in the country's western regions.

Economic growth here in China is currently just short of the government's full-year growth target of 7.5-percent.

Most economic observers expect the Chinese economy to hit that target by year's end, provided the economy continues to rebound from the slowdown through the first-quarter.