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Li Keqiang Holds the "1+6" Roundtable with Heads of Major International Economic and Financial Institutions–Jointly Discussing and Promoting Transformation and Upgrading of China's Economy
2017/09/13

On the morning of September 12, 2017, Premier Li Keqiang held second "1+6" Roundtable at Fanghua Garden of Diaoyutai State Guesthouse together with President Jim Yong Kim of the World Bank, Managing Director Christine Lagarde of the International Monetary Fund, Director-General Roberto Azevêdo of the World Trade Organization, Director-General Guy Ryder of the International Labor Organization, Secretary-General Angel Gurría of the Organization for Economic Cooperation and Development, and Chairman Mark Carney of the Financial Stability Board. The second phase of the Roundtable made in-depth exchanges on the theme of Promoting the Transformation and Upgrading of China's Economy.

Li Keqiang introduced the status quo of China's economy. He expressed that confronted with the complicated environment at home and abroad as well as economic downward pressure, China keeps strategic willpower, makes innovation in macro-control methods, and propels supply-side structural reform under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, thus promoting the transformation and upgrading of economy. The stable performance with good momentum for growth of China's economy has been constantly consolidated, with a growth rate taking the lead in major economies, contributing over 30 percent of the world economic growth. The leverage is stable with a slight decline. The new development impetus is accumulating rapidly. The service industry generates the largest amount of added value, taxation revenues and employment opportunities and domestic consumption has become the first driver of economic growth. Over 13 million new urban jobs were generated annually in the past four years. China's economy boosts its growth relying on a balanced combination of consumption, investment and exports, depending on coordinated development of tertiary industry, as well as relying on transformation and upgrading brought by scientific and technological development.

Li Keqiang pointed out that there is still a long way for China's economic transformation and upgrading, during which the difficulties and challenges cannot be ignored. We will persist in the general principle of seeking progress in stability, maintaining the stability and continuity of basic orientation of macro policies, bettering macro-control and stabilizing market expectations. We will also carry on comprehensively deepening reforms, accelerate the transformation of government functions, further streamline administration, reduce taxes and alleviate burdens. We will carry out a new round of high-quality opening up, building a more open, regulated and convenient business environment. We will deeply implement the innovation-driven development strategy, and extensively promote mass entrepreneurship and mass innovation, bringing into full play Chinese economy's superiority of abundant human resources. We will stick to making use of the market, initiatively resolving and eliminating surplus and laggard capacity, especially strongly propelling to resolve the surplus capacity of steel and coal industry. We will also inclusively and prudentially supervise new industries, patterns and models, and take multiple measures to cultivate and develop new growth impetus continuously, hence driving the transformation and upgrading of traditional industries. We will continue to guarantee and improve people's livelihood, letting people enjoy the sense of gain. China is open to all international cooperation with mutual benefit and win-win results, and continues to create an open, transparent and fair market. China welcomes all parties to care and support China's development, as well as put forward valuable suggestions.

Heads of international economic and financial institutions attending the meeting noted that China is in a positive trend of economic growth and transformation and upgrading with a hopeful prospect, which not only comes from effective measures of macro policies and structural reform but also the development of mass entrepreneurship and mass innovation as well as a constantly improved business environment. Upholding the concept of opening up and win-win results, China, an innovative economy, leads the world in digital technology and application such as e-commerce and sharing economy. Such gestures provide referential development experience for other countries. It is believed that the promotion of China's reform and opening up will create more opportunities for the economy of itself and the world at large. International economic and financial institutions are willing to further enhance cooperation with China and support China to achieve greater results in economic transformation and upgrading, so as to jointly build a more open, dynamic and inclusive world economy.

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