The World Economic Forum’s “Annual Meeting of the New Champions” has opened in the city of Dalian, in northeast China. The three-day meeting — known as the Summer Davos forum — attracted over 1,600 participants from more than 90 countries and regions. Premier Li Keqiang attended the opening ceremony and delivered a keynote speech, stressing the economic prospects of both China and the World.

China’s economy is in control and its economic reforms will continue. The aim of Premier Li Keqiang’s speech was to calm international investors. He said China will ensure its economy continues stable growth.

Premier Li said the fundamentals of the Chinese economy have not changed. But he also urged a concerted effort by the international community to maintain market stability.

In regards to the current volatility in China’s economy, the Premier said there will be some pains China shifts from an investment-driven economy to one of service-orientation. His message was echoed by many meeting participants.

“Premier Li Keqiang said that China would be able to maintain a mid-to-high speed growth in its economy, speaking to the 7 percent growth rate that many believe China will not be able to meet amid the global economic slowdown. As the global recovery faces uncertainties, the forum is expected to convene its partners, members, and future-oriented communities to explore innovative response to the new global challenge,” said David Frey, partner of KMPG advisory China Limited.