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Li Keqiang Holds Dialogue with Entrepreneur Representatives at 2016 Summer Davos Forum

On the morning of June 28, 2016, Premier Li Keqiang held a dialogue with over 300 entrepreneur representatives from various countries attending the 2016 Summer Davos Forum at Tianjin Meijiang Conference and Exhibition Center.

Executive Chairman of the World Economic Forum (WEF) Klaus Schwab, and heads from Royal DSM of the Netherlands, CloudFlare of the US, ALCOA of the US, Salesforce, KPMG as well as other enterprises made remarks and asked questions in terms of China's economic situation, structural reform, manufacturing upgrading, financial and capital market as well as other aspects. Li Keqiang responded respectively.

Li Keqiang expressed that reform is the fundamental driving force for China's economic development. We have focused on pursing structural reforms, especially supply-side structural reforms, streamlining administration, delegating power, strengthening regulation, improving services as well as introducing significant tax cut reforms including replacing the business tax with value-added tax. China has implemented innovation-driven development strategies, enhanced mass entrepreneurship and innovation, and given full play to people's creativity and market potential. The development of new economy and new business forms has exceeded expectation, providing strong support for employment. Reform and upgrading traditional growth drivers has also achieved positive progress. The Chinese economy has continuously maintained medium-high growth rates and witnessed a more optimized structure since this year.

Li Keqiang pointed out that China is the world's largest developing country and a country that is still in the process of industrialization and urbanization. We have introduced strategies such as "Made in China 2025" and "Internet +", and focused on making China's manufacturing smarter, so as to better satisfy the constantly developing and changing market demands. The issue of overcapacity has occurred in some industries, which is the result of sluggish global economic recovery and anemic growth of global trade. It requires joint efforts of all countries.. As a responsible major country, China will adhere to the principle of marketization and rule of law, and take multiple measures simultaneously to phase out outdated production capacity while making effort to take care of affected employees and protecting their legal rights and interests.

Li Keqiang stressed that China will continuously promote the development of capital market in a market-based and law-based direction, improve financial regulation, and guard against systemic and regional financial risks.

Li Keqiang expressed that we commit to advancing the Chinese economy to realize transformation and upgrading through opening up. China will further ease market access and build a fair competition environment, so as to forge the most promising investment market in the world and the world's most attractive investment destination. China welcomes domestic and foreign entrepreneurs to seize the opportunity, expand business in China, and jointly hold up the blueprint of China's future development, so as to better achieve mutual benefit and win-win results.

Klaus Schwab and others expressed that China enjoys a decisive position in the world economy. During the forum, Premier Li Keqiang not only depicted China's macroscopic vision of development, but introduced its specific measures of promoting reform and opening up, further consolidating the international community's confidence of China's development prospect. The WEF and its members will actively send the messages out to the world and continue to support China's development.

Yang Jing and Wan Gang attended above activities.

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