China Innovation To Combat Global Crisis

Wen reassured the Chinese people that the economy would make a comeback if certain changes were made. According to news sources, he told the world’s second largest candle-maker:

“Try to develop new types of candles to cater to different cultures, which would capture a bigger market share.”

The premier praised the efforts of Haier, the country's largest appliance maker, for its sales promotion and services in previously neglected rural areas, stating that increased rural consumption within the total picture of things, will help to ease the impact of the global financial crisis. He said of this particular company and its efforts:

“How Haier is dealing with the global crisis tells us there is opportunity amid crisis, and the opportunity lies in innovation, which will not only help shake off the impact of the crisis but also upgrade enterprises.”

The premier estimated that China would increase subsidies to 15 billion yuan (2.2 billion US dollars), up from last year's 9 billion yuan. Wen stressed that the policy would remain effective for at least five years, which would increase appliance sales tremendously. He spoke too of the importance of enterprises and products of high quality and lower cost, which will greatly aid in the development of rural markets.

He took his ideas to the people (or put his money where his mouth is, as the old American expression goes) by visiting a village in Shandong Province to talk with rural families. He reassured them that the government is encouraging enterprises that allow farmers to trade in older models for newer ones as a move towards the sustenance of domestic demand.

Wen exuded confidence and trust in China’s great potential wherever he went, stressing the importance of a solid material foundation, stable financial system, abundant cash flow, large domestic markets, appropriate macroeconomic policies and other steps to insure China’s prominence in today’s dynamic economy and market place.

Innovation, may you inspire men and women everywhere to reach for the stars. After you get there, aim for the moon!