Xinhua reported that Chinese Premier Mr Wen Jiabao has called on enterprises and officials to place priority on industrial upgrading and innovation urging them to move early rather than late" to ride through the global financial crisis.

Mr Wen during a visit to enterprises in the northeastern Liaoning Province said Chinese companies should focus on adjusting product structure, improving quality and upgrading technologies in the face of economic woes. He said that effort should be especially stepped up to develop new products and foster intellectual property rights, while the government must cut burdens for enterprises and provide an easy environment for their innovation.

Mr Wen said "Intellectual property rights are in the heart of economic competition in modern times, adding that the government must combine scientific and technological innovation with the bid to boost economic growth. He told company officials when visiting the Anshan Iron and Steel Group Corporation a major steel producer based in Laoning's Anshan City to speed up phasing out obsolete technology and strictly controls new capacity to curb oversupply in the steel industry.”

Mr Wen emphasized the implementation of the country's stimulus policies, including a CNY 4 trillion investment package unveiled in November. He said that "The work should start early rather than late so that we can take the initiative and see earlier effects. Once the time is missed, we may lose the relative initiative we're enjoying now."

In addition to the CNY 4 trillion stimulus package, the Chinese government has also announced a plan to expand rural home appliance purchases and support plans for ten key industries such as steel and auto sectors.

China's economy cooled to a seven year low of 9% last year as the global financial crisis took its toll.

(Sourced from Xinhua)