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Premier Li stresses steady development of economy

Day one of the World Economic Forum in Davos saw a keynote speech from Chinese Premier Li Keqiang. The Premier’s message to global leaders was loud and clear: Don’t worry about slowing growth in China. Li Keqiang says China’s transformation to a more modernized economy will play a vital part in maintaining stability and healthy growth in the world economy.

All eyes are on China’s economy at this year’s World Economic Forum.

The Chinese Premier is keenly aware of that. Ahead of his speech to the World Economic Forum, he held a meeting with representatives of the International Business Council, to offer reassurance, and to outline his vision of where China is heading.

The key priority this year, he said, will be the relationship between government and the market.

He promised that China will improve administrative procedures to allow for fairer market competition.

China will further relax foreign investment restrictions, and open up its service industry to the outside world.

The big question on everybody’s lips though, was the declining rate of China’s growth - and the potential dangers. Premier Li was quick to rule out the possibility of systematic financial risk.

He said recent fluctuations in China’s real estate market were “normal”, and he reassured investors that housing demand will continue to drive the development of related industries.

Li stressed that the Chinese government is taking steps to tackle the problem of “shadow banking” - non-banking investment and credit facilities.

He also spoke about the influence of the World Economic Forum on the international economy, and said China is ready to deepen its cooperation with the foundation to help ensure the stability of the global economy.