Technical workers assemble engines at a plant in Yiwu, Zhejiang province.[Photo provided for China Daily]

Premier Li Keqiang called at a meeting on Tuesday for boosting the nation's economic transformation and pace of growth by promoting technological innovation, emerging industries and effective investment and consumption.

Hundreds of governmental officials and well-known entrepreneurs were present at the meeting, which focused on enhancing new development concepts and new economic drivers. Among them, were Lei Jun, founder of gadget maker Xiaomi, and the automobile company BYD's chairman, Wang Chuanfu.

Amid domestic structural conflicts and downward pressure, China's economy can no longer proceed with the old development model as it confronts a sluggish world economic recovery, the premier said.

Li called for cultivating emerging sectors and upgrading traditional industries by focusing on technological innovation to enhance social productivity, he said. Effective investment and consumption should be enhanced to produce innovative products and services, while domestic companies should increase their competitiveness in the international market during a new round of technological revolution and industrial transformation, he said.

BOE Technology Group Co, a supplier of internet technologies, products and services, invests 7 percent of its sales revenue into research and development for new technologies, Chairman Wang Dongsheng said.

To achieve the economic transformation, the government should further transform its function and reduce taxes and fees while deepening administrative streamlining, the premier said. These are part of the supply-side structural reform with lower institutional costs and taxes to effectively improve that area and unleash greater vitality, he added.

Meanwhile, the government will increase the vitality of new market entities with support for enterprises to boost business startups and innovation, Li said.

Last year, 16.51 million new market entities were registered, up 11.6 percent year-on-year, according to the State Administration for Industry and Commerce. The number of new enterprises was up 24.5 percent to 5.52 million in 2016, administration figures show.

Li said transformation and restructuring should lead to economic development, expanded employment and a continuous increase in residential incomes.