Premier Li Keqiang has met with Chinese entrepreneurs at the Summer Davos forum in Tianjin. Premier Li said China is committed to transforming its manufacturing sector and using technological innovation to meet future consumer demands.

Manufacturing is the foundation of China’s economic development, and Premier Li said, the key for China’s manufacturing sector is to move up the value chain. He emphasized that Chinese manufacturing has to become smarter, it has to be able to connect with the Internet, take advantage of big data, and adjust to changes in market demands.

Premier Li also pointed out that tailoring products and services to niche markets will help Chinese companies appeal to the nation’s growing middle class.