Premier Li Keqiang addressed the opening of the Annual Meeting of the New Champions 2017, also known as Summer Davos, in Dalian.
Here are some highlights from the Premier’s remarks.
Mass entrepreneurship, innovation
Premier Li said the country has achieved better-than-expected results in its efforts to drive mass entrepreneurship and innovation.
The number of market entities in China increased by a daily average of 40,000 in the past three years, he said.
During that period, more than 15,000 enterprises were registered every day on average, with about 70 percent of them active in business, and the number of new enterprises rose to 18,000 a day in May this year, according to Premier Li.
Premier Li said that the Chinese government has always made employment a priority on its development agenda, which is fundamental to inclusive growth.
Financial risk control
The Premier reiterated financial risk control amid a strong recovery of the economy, saying measures have been put in place to dissolve risk points.
“We will defend the bottom line of no systemic risks,” he said.
The Premier admitted hidden perils in some industries but stressed that the situation is generally controllable, citing a low government debt ratio, high savings, and sufficient banking capital and provision coverage.
“We are capable of fending off all kinds of risks and ensuring the economic growth stays in a reasonable range,” Premier Li said, calling stagnation as the biggest risk for China.
The government has rolled out an array of measures to rein risks in the financial sector, especially a deleveraging campaign with tightening scrutiny against risky financing and shadow banking.
2017 growth goals
Premier Li said China is fully capable of delivering major growth targets of this year, thanks to steady economic transition.
The Chinese economy has become more stable and sustainable due to improvements in structure and efficiency, he said.
The government set the GDP growth target at around 6.5 percent for the full year, while pledging to pursue better results in actual economic work.
The world’s second largest economy posted a forecast-beating growth rate in the first quarter, with the GDP up 6.9 percent year on year, the quickest increase in 18 months.
China will further expand market access in the service and manufacturing sectors, relax restrictions on foreign ownership, and treat Chinese and foreign companies on an equal basis, Premier Li said.
Countries must safeguard economic globalization to achieve inclusive growth, the Premier said.
He said that free trade should be the basis of fair trade, and that holding back free trade would not bring fair trade.
Trade disputes should be dealt with according to the different situations in different countries, Premier Li said.
“Based on the principal of equal consultation, mutual understanding and accommodation, as well as equal treatment without discrimination, countries must seek convergent interests and complement each other’s advantages to achieve win-win results,” Premier Li said.
“Neither should we impose unilateral rules on others, nor politicize fair trade,” he said.
From June 27 to June 29, around 1,500 politicians, officials, entrepreneurs, scholars and media representatives from over 90 countries and regions will assemble in Dalian to discuss topics from inclusive growth to the new industrial revolution.
The “Achieving Inclusive Growth in the Fourth Industrial Revolution” meeting will focus on how technology and policy innovation can accelerate a more inclusive style of economic growth that prioritizes meaningful jobs.
Established by the World Economic Forum in 2007, the summer forum is held each year in China, alternating between the port cities of Dalian and Tianjin.