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Chinese Premier Li Keqiang delivers a government work report during the opening meeting of the fourth session of the 12th National People's Congress at the Great Hall of the People in Beijing, capital of China, March 5, 2016. [Photo/Xinhua]

BEIJING -- Facing downward risks, volatile securities and sluggish manufacturing, China is exploring a new approach to rein in a slowdown and restructure the economy.

"We must work faster to ...carry out supply-side structural reform to improve the quality and efficiency of the supply system, and further stimulate market vitality and the creativity of society," Premier Li Keqiang said Saturday when presenting a government work report to the annual parliamentary session.

A basket of policies was underlined in the report, including more cuts to red tape, support for innovation and entrepreneurship, closure of redundant factories and consolidation of torpid state-owned enterprises.

It was the first time the term "supply-side structural reform" has been included in China's government work report.

"The term's inclusion suggests the government is resolved to propel reform and restructuring," said Liu Zhibiao, a political advisor and economic professor at Nanjing University.

While demand-side management, characterized by investment, consumption and exports, determines short-term growth, measures on the supply side prompt better allocation of resources such as labor, land, capital and innovation, Liu added.

"It lets the market play a decisive role in resource allocation, which had been disturbed by government interference," said Jia Kang, an economist and political advisor.

Proposed at a tone-setting economic work conference in November 2015, supply-side reform aims to create a fertile and fair environment to encourage high-quality goods and services for all players.

Supply-side reform marks the exploration and creation of China's own economic theory, said Wang Yiming, deputy director of the State Council Development Research Center, a government think tank.

Similar policies including tax breaks and fiscal expansion introduced by former US President Ronald Reagan and former British Prime Minister Margaret Thatcher stimulated economic recoveries in their countries.

Economists believe China's version, enriched by more structural adjustments, can ensure sustainable medium-high growth for the economy.

For around three decades, China's miracle was envied and admired by major economies, but a slowdown since the 2008 global financial crisis has left many jittery. Last year's GDP growth slipped to its lowest notch in a quarter of a century.

Given the changing economic landscape, the term "new normal" was adopted by policymakers to describe the present stage of slower but higher quality growth.

"Deceleration has already been a clear fact in the new normal," Jia said. "China has to forge new growth drivers to offset downward pressure."