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Li Keqiang Attends Dialogue with Representatives of International Business Council of World Economic Forum

In the afternoon of January 21 local time, Premier Li Keqiang attended a dialogue with representatives of the International Business Council of the World Economic Forum (WEF) in Davos, exchanging in-depth views with entrepreneurs of various countries. Executive Chairman of the WEF Klaus Schwab was present. Klaus Kleinfeld, Chairman of the WEF International Business Council and Chairman and CEO of Aluminum Company of America (Alcoa), chaired the dialogue.

When answering a question concerning China's current reform emphasis, Li Keqiang expressed that China is comprehensively deepening reforms. The strongest driving force of China's economic development stems from its people's pursuit of a better life as well as reform and opening-up. In 2015, China will continuously advance reform in key fields, and the top priority is to well balance the relationship between government and market. Therefore, we will reform administrative approval system in a more in-depth manner and broader fields, so as to stimulate more market vitality and create a market environment with fair competition. We will push forward reform in fiscal, taxation and key financial areas, comprehensively keep the public informed of financial budget, and increase financial input into public goods and public service. We will advance the development of inclusive finance, support small and medium-sized banks as well as private banks, and develop multi-level capital market, thus to gradually lower corporate leverage ratio by developing capital market and direct financing. We will continue forging an open system, explore the management model of pre-establishment national treatment with negative list, expand the opening-up of service industry, and further increase access for foreign investment. China welcomes foreign investors.

When answering a question on China's addressing of economic crisis, Li Keqiang said that though China's real estate market is now undergoing some fluctuations, its urbanization has been steadily advanced with a huge potential. The Chinese government will step up efforts in rebuilding the sprawling and dilapidated shantytowns as well as the ramshackle urban houses, so as to guarantee the basic housing need of impoverished people and ensure adequate housing for all the people in the end. The rigid demand of China's real estate market is long-term, and will drive the development of relevant industries and product supply in the country. It is normal for real estate market to undergo adjustment in a certain period. The Chinese government attaches high importance to the shadow banking issue and has taken corresponding measures in an endeavor to bring it under supervision. The Chinese government is able to prevent regional and systematic financial risks.

When answering a question related to China's policies and measures tackling climate change, Li Keqiang noted that China has announced the plan to peak its carbon emission and raise the share of non-fossil energy to around 20 percent of the consumption of the primary energy around the year of 2030. As a developing country with 1.3 billion population, China must make arduous efforts to achieve it. In the next step, China will strive to reduce the share of fossil energy especially coal energy in its overall energy consumption, meanwhile advance clean coal technology, and hopes that developed countries will export more clean coal technologies and products to China. As a major developing country, China will actively cope with climate change and protect environment in line with its due responsibilities and the principle of common but differentiated responsibilities. We will go all out to seek development and protect environment simultaneously and follow a green and low-carbon development path, but this will take a relatively long time.

When answering a question with respect to China's integration into the global financial market, Li Keqiang expressed that just as China's development, its finance is becoming more and more open. We are orderly advancing RMB settlement in trans-border trade, RMB usage in trans-border investment and offshore RMB business in accordance with our own competency and experience as well as the demand of global financial market, which not only pushes China's own development and accommodates the reform and development of global financial system and market, but also contributes to the stability of global financial system.

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