China’s economy is at a crucial stage of shifting from the old economic drivers to new ones, and of economic restructuring and upgrading, said Premier Li Keqiang at the opening ceremony of the 2016 Summer Davos Forum.

In his remarks, the Premier noted that reform, innovation and transformation have played a key role in the stable development of the Chinese economy during the first half of 2016.

The fundamentals of China’s economic development have not changed, said the Premier. “We not only have sufficient policy instruments to keep the economy in a reasonable range, but also are fully capable of preventing systemic and regional risks. Fluctuations in economic development will be inevitable in the short term, but we are able to achieve the main goals of this year’s economic and social development.”

Premier Li also said everyone can participate in and benefit from mass entrepreneurship and the shared economy. The efforts of tens of thousands of market entities should be pooled to push innovative development to allow more people, especially young people, to realize the value of life and promote social justice, said the Premier.