|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 work conference on reinvigorating the outmoded industrial bases in China's northeast and other regions, in Beijing, capital of China, July 31, 2014. Chinese Vice Premier Zhang Gaoli, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the conference. (Xinhua/Xie Huanchi)
BEIJING, July 31 (Xinhua) -- Chinese Premier Li Keqiang vowed on Thursday that China will take effective measures to stabilize the economy in northeast China, a region that has seen growth slow since last year.
Presiding over a cabinet meeting on the subject, the premier talked to central and local government officials about problems facing the regional economy, and work that needs to be done to boost the region.
Li urged local governments to promote scientific development, deepen reform, expand opening up, and be more innovative. He added that the region's abundant resources, industrial layout and talent should provide great growth potential.
The premier sees simplification of administrative approval procedures and delegation of power as important in stimulating businesses and creating a fair market environment, especially for small companies. He said private banks will also be piloted in the region.
The government will encourage state-owned companies to pilot reforms in the region, according to Li.