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Li Keqiang Attends 2016 Summer Davos Forum Opening Ceremony and Delivers Special Speech

On the morning of June 27, 2016, Premier Li Keqiang attended the opening ceremony of the 2016 Summer Davos Forum and delivered a special speech at Tianjin Meijiang Conference and Exhibition Center.

Li Keqiang expressed that after ten years of nurturing, the Summer Davos Forum has grown into a luxuriant tree with bountiful fruits. It has showcased to the world the process and achievements of China's reform, opening up and modernization. It has also contributed wisdom and strength to the development and prosperity of China and the world. To promote world economic recovery and growth, all sides should jointly foster a stable international environment, actively carry out structural reform, speed up economic transformation and upgrading, boost highly-efficient and orderly global governance, and build a fairer, more just and open international economic system.

Li Keqiang introduced the operation of the Chinese economy. He stressed that in the face of continued and mounting downward economic pressure in recent years, we have faced up difficulties, explored new models of macro control, vigorously advanced structural reform, and concentrated our efforts on cultivating new drivers of growth while upgrading traditional ones. We have maintained steady economic development, ranking among top of the world's major economies in terms of growth speed. Reform, innovation, adjustment and transformation have achieved new progress. The leading role of consumption and the advantage of service industry being the largest industry are becoming more visible. New technology, new business forms as well as other new economies have been rapidly expanding and industries undergoing transformation and upgrading are also rapidly developing. The fundamentals of the Chinese economy which point to a long-term positive trajectory have remained unchanged, and there is always more hope than difficulties.

Li Keqiang pointed out that the Chinese economy is at a crucial stage of transition from old to new growth drivers and a stage of economic transformation and upgrading. We will focus on development as the top priority, and implement the concept of innovative, coordinated, green, open and shared development. While appropriately expanding aggregate demand, we will steadfastly advance structural reform, especially supply-side structural reform, and concentrate on cutting overcapacity, reducing inventory, deleveraging, lowering costs and strengthening weak links, so that China's development could be less reliant on natural resources and be more driven by human resources. This will enable the Chinese economy to maintain medium-high growth rates and move to medium-high development levels.

We should guide economic transformation and upgrading through innovation. We need to further implement the innovation-driven development strategy, build an innovation-driven country, accelerate the development of the new economy and cultivate new growth drivers. We will also advocate mass entrepreneurship and innovation, further promote the "Internet+" strategy, pool wisdom as well as strengths to develop sharing economy and mass participation economy and cultivate new areas of economic growth.

We will enhance economic transformation and upgrading by comprehensively deepening reform. We need to further streamline administration, delegate power, strengthen regulation, improve services as well as advance other reforms. We will adopt a market-based and rules-based approach, phase out overcapacity, and make efforts to handle the distribution and allocation of affected employees. We will promote in a coordinated way reforms in the fiscal, taxation, finance, state-owned enterprise, market access and other key areas, so as to unleash even greater vitality for economic development.

We will transform and upgrade the economy through opening-up. We will further enhance our open economy, open wider the service sector and general manufacturing sector, and foster a fairer, more transparent and predictable investment environment. All companies registered in China, Chinese-funded, foreign-funded, independently-owned or joint ventures, will be treated as equals.

Li Keqiang stressed that China stands ready to work with other countries to seize the opportunities brought by the new round of technological and industrial revolution, and promote steady recovery of the world economy through transformation and upgrading, so as to create a better future.

Li Keqiang also answered questions regarding China coping with downward economic pressure, supporting new industrial revolution as well as other aspects.

Executive Chairman of the World Economic Forum Klaus Schwab, Prime Minister Sooronbai Zheenbekov of Kyrgyzstan, Prime Minister Hwang Kyo-ahn of the Republic of Korea, Deputy Prime Minister Mehmet Şimşek of Turkey and over 2000 representatives of various circles from more than 90 countries and regions attended the meeting.

Yang Jing and Wan Gang attended the opening ceremony.

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