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Chinese premier stresses economic upgrade, livelihood improvement

China will continue to shore up growth and improve people's livelihood, Premier Li Keqiang said Sunday.

During an inspection tour to the Tianjin city, Li said young people are the new force for business start-ups and innovation, Xinhua reported.

Their undertakings need the support of reform as well as passion, he said, noting reforms will clear obstacles and create more room for growth.

China will press ahead with slum renovation as it can improve people's livelihood, he said while visiting five families living in a shanty town area of Tianjin.

The premier called for concerted efforts from both government and the people to ensure families are relocated into new homes as soon as possible.

The government will increase financial support for renovations while private capital is encouraged to contribute, Li said.

He said China will continue with its administrative streamlining efforts, giving more power to the market.

In reducing market intervention, the government should exercise effective supervision, he said, noting work such as food safety is of paramount importance and should be done well.

Li called for innovation in financial services, encouraged financial companies to do more to meet the needs of the real economy and expand their overseas presence as he listened to a report from the financial leasing arm of the Industrial and Commercial Bank of China.

He said China will promote financial reform, making the financial sector better serve the real economy and aid industrial transformation and upgrading.