Premier Li Keqiang said on June 7 that the Chinese government will take more measures to attract foreign investors, creating an equal, fair and transparent market environment for enterprises at home and abroad.

He made the remarks while meeting with chairmen and CEOs from Fortune 500 companies, such as German automobile maker Daimler AG, US sports company Nike, and Finnish telecommunication giant Nokia, at the fourth Global CEO Council Roundtable Summit.

Premier Li shared his views on the summit theme of opportunities and challenges for multinational corporations in China’s 13th Five-Year Plan (2016-20).

The momentum of the recovery of the world economy is weak, and growth in international trade is slowing down. Likewise, the Chinese economy is also facing a variety of difficulties and challenges, said the Premier, adding that hope and difficulties co-exist, but there is more hope than difficulties.

China’s economy is in the process of transformation and upgrading. The service sector and consumption are contributing more than half to economic growth, and the emerging consumption market including communications, healthcare, and sports has great potential, providing new opportunities for domestic and foreign investors.

The Premier further elaborated that the success of economic upgrading and transformation should rely on both reform of the system and the innovation of technology. “We should carry out an innovation-driven development strategy, and encourage people to start their own businesses,” he said. He also emphasized pushing forward the development of new economy, promoting new ideas and concepts to boost new industries, technologies and business mode.

“The development of the new economy has brought new hopes, opportunities and vitality to the Chinese economy, not only providing more products and services to meet Chinese consumer’s personal demands but to create more job opportunities.” The new economy is revitalizing idle assets and addressing the issue of overcapacity to transform and update traditional industries.

As the biggest developing country, China is still in the process of industrialization and urbanization. Therefore, with great market potential still to be tapped, China is attractive to foreign investors, said the Premier. The Chinese government will take more measures to encourage investments, and create an equal, fair and transparent environment for enterprises from home and abroad. China will further open up and is ready to pursue opportunities with foreign enterprises to achieve win-win results.

Entrepreneurs attending the meeting applauded China’s efforts and determination to promote reforms, and agreed that China’s economic development offers more opportunities than challenges. Their companies are willing to be involved with China’s initiative of entrepreneurship and mass innovation, as well as the green development concept. By enhancing industrial cooperation, they hope their businesses could grow along with the Chinese economy.