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Premier optimistic about China’s economy

Updated: Jun 27,2016 8:50 PM

Premier Li Keqiang said China’s economic fundamentals remain sound and the growth rate is among the highest in major economies.

The Premier made the remarks during the opening ceremony of Summer Davos Forum in Tianjin on June 27.

Premier Li hailed the fruitful 10-year growth of the forum, saying that it displayed to the world the progress and achievements made by China in reform, opening-up and modernization and how it contributed to the development of China and the world.

In order to promote the global economic recovery and growth, the Premier called for concerted efforts from all parties to create a stable international environment, to carry out restructuring reform, speed up economic transformation and upgrades, boost highly efficient and orderly global governance, as well as build a fairer, more equal and open international economic system.

Despite great downward pressure, “We have encountered difficulties face to face and innovated our macro-control approach, promoted restructuring reform, and nurtured new growth drivers,” said the Premier.

That’s why China can maintain stable economic growth and its growth rate is among the highest in major economies, Premier Li added.

He praised the new progress made in reform, innovation, as well as restructuring and transformation.

He also spoke highly of the leading role of consumption, increased role of the service industry, growing new technologies and new businesses and rapid development of transformed and upgraded industries.

China’s economic fundamentals are still sound and hopes are bigger than difficulties, said the Premier.

Premier Li noted that China is at a crucial stage of shifting from the old economic drivers to new ones, and of economic restructuring and upgrading.

“Development is our top priority,” said the Premier, adding that China will continue to promote structural reform, especially supply-side reform, to maintain medium-to-high economic growth.

The Premier urged promoting economic transformation and upgrade through innovation, more reform and opening up.

China will further implement its innovation-driven development strategy to construct an innovation-oriented nation, develop new economies, and cultivate growth drivers, promote mass entrepreneurship and innovation, Internet Plus initiative and create new economic growth engines, said the Premier.

China will continue to streamline administration and delegate powers to lower-level governments and optimize administrative regulation and services, said the Premier.

China will reduce overcapacity through market and legal means and carry out coordinated reforms in areas including finance, taxation, State-owned enterprises, and market access in order to unleash more vigor for economic development, said the Premier.

Efforts will be made to open up service industries and manufacturing industries, creating a fairer, more transparent and predictable investment environment, said the Premier.

All companies that are registered in China, Chinese-funded or foreign-funded, will be treated equally, said the Premier.

Premier Li also stressed that China is willing to work with other countries to grasp opportunities in the new science and technology revolution and industrial revolution to promote global economic recovery and create a better future.

Nearly 2,000 national and regional representatives attended the meeting, including Klaus Schwab, executive chairman of the World Economic Forum, Sooronbay Jeenbekov, prime minister of Kyrgyzstan, and Mehmet Simsek, deputy prime minister of Turkey.