Li: China's growing economy records major reforms

By Zhang Yue, Wu Xiaobo, Zhu Lingqing, Yu Xiaoming and Dai Tian | | Updated: 2017-06-27 13:42

Li: China's growing economy records major reforms

Premier Li Keqiang delivers a keynote speech at 2017 Summer Davos Forum in Dalian, Northeast China's Liaoning province, June 27. [Photo/Xinhua]

Maintaining a steady upward trend over the second quarter, the world's second-largest economy has shown noticeable achievements in structural reform, Premier Li Keqiang said on Tuesday.

Li made the remarks when addressing the opening ceremony of the Summer Davos Forum in Dalian in Northeast China's Liaoning province.

New economic driving forces contributed to more than 70 percent of China's employment in 2016, he said. The country will forge ahead, Li added, with economic structural reform and with inclusive and prudent regulation in new economic forms, such as e-business and mobile payments, and economic development would be both positive and clearly defined.

In his conversation with Klaus Schwab, founder and executive chairman of the World Economic Forum, Li said China will stick firmly with steady macro-economic policies, with a proactive fiscal and prudent monetary policy.

He said China will not resort to massive stimulative measures, and maintaining steady market expectations is of critical importance.

China to further open up to foreign investors

China will further expand market access in the service and manufacturing sectors, relax restrictions on foreign ownership, and treat domestic and foreign companies on an equal basis, said Premier Li.

"We encourage foreign capital to invest in central and western regions and the northeastern industrial base, where lie tremendous potential," he said, adding that the country remains one of the best investment destinations over the long term, with promising reward.

Although China would applaud foreign companies to reinvest their profit in the country, there's no such restriction on the capital flow, he said.

The country plans to relax the foreign equity ownership, while expanding the negative list to ensure an equal and convenient business environment among all players, the premier said.

Employment basis of inclusive growth

Employment has been a top priority as the basis of inclusive growth, Li said.

China added 13 million jobs every year over the last few years, and the registered urban unemployment rate stood at about five percent, he said.

For a country with 1.3 billion population, maintaining full employment can lead to an inclusive growth, Li said.

Globalization benefits all

Economic globalization has greatly facilitated the flow of goods and capital, and all countries can benefit in the course, be it developing or developed countries, he said.

However, the problems some countries have encountered are not caused by globalization, he added.

"Just like when we sprain our ankle when walking on the road, we should not blame the uneven road and just stop walking," Li said.

During the past 30 years or so of the country's opening-up, Chinese consumers have gained more choices of products from all over the world, he said, adding that this would be unimaginable without opening up and globalization.

"We need to better steer and adapt to economic globalization, promote trade and investment liberalization and facilitation, and at the same time, reform and strengthen international trade rules to ensure equal rights, equal opportunities and equal rules for all the countries in international economic cooperation," he said.

Unprecedented opportunities

This year's meeting is for the purpose of responding to those changes and uncertainties with the stability and creativity that ensure the world continues the progress of human civilization, the premier said.

"The world is making continued progress against the backdrop of globalization and the round of industrial revolution is giving birth to new industries, business models and technologies. Never before have we human beings been presented with so many opportunities of development," Li said.

"We also see that the global economy recovery is progressing but the foundation is not yet firmly established and geo-political risks are on the rise and the structural challenges still abound."

Li noted that he believed the world can use stability that keeps growing amid innovation and changes to defeat uncertainty as long as holding firm and indomitable spirit.

The three-day event is expected to attract over 2,000 prominent personalities from politics, business, civil society, academia and the arts.

This year's meeting, themed "Achieving Inclusive Growth in the Fourth Industrial Revolution," focuses on how technology and policy innovations can accelerate a more inclusive style of economic growth that prioritizes meaningful job creation and sustainable development.


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