新經濟 (xīn jīngjì): New economy

Delivering the Government Work Report this year, Premier Li Keqiang said the connections between old and new development engines should be advanced to achieve the goal of comprehensively building a well-off society by 2020.

China's development is at a critical stage, he said, and new growth poles should be created through incessant innovation to transition to a "new economy".

This is the first time the term new economy has been mentioned in the Government Work Report.

When Li participated in the panel discussion of Chongqing delegation during the fourth session of the 12th National People's Congress on Tuesday, he stressed that the new economy incorporates the primary, secondary and tertiary industries. The government's "Internet Plus" strategy, he said, should be applied not only in manufacturing industry but also in education and medical care.

Li pointed out that there are opportunities everywhere to develop the new economy, and China must seize the opportunity to develop new technology and new industry.