Full text of Premier Li’s address at opening ceremony of Summer Davos

We will continue to advance structural adjustments and accelerate the shift from old growth drivers to new ones. We will keep to innovation-driven development, seek greater progress in mass entrepreneurship and innovation, and push forward integrated innovation among large companies, SMEs, research institutions and makers. This will help foster new clusters of emerging industries, and encourage the transformation and upgrading of traditional industries with new technologies and new business forms. We will continue to cut excess capacity and phase out backward capacity in such areas as steel, coal and coal-fired power generation in a market- and law-based way. As China joins the ranks of middle-income countries, consumption is of crucial importance. Greater consumption will expand market potential in big ways and stimulate job creation. To upgrade consumption, we will keep improving the consumption environment, stimulate consumption demand and cultivate new areas of consumption. These measures will not only improve people's lives, but also provide new impetus to economic growth. 

Proactive efforts will be made to expand opening-up and build a globally competitive business environment. We will move faster to develop a new, open economic system in keeping with economic globalization and the new industrial revolution. We will further ease market access in service and manufacturing sectors, relax foreign equity caps in some areas of interest, advance and improve the negative-list regulation model. Domestic and foreign companies are treated equally in the application of supportive policies. We will roll out measures to help them get registered at one-stop services and have their application handled within a time limit. We will encourage foreign-invested companies to reinvest their profits in China, support multinational companies in setting up regional headquarters in China, and encourage foreign investment in Central and Western China and old industrial bases such as Northeast China. In the coming five years, China will import US$8 trillion worth of goods. A Chinese economy which enjoys a sound momentum in the long run and becomes increasingly open will bring more opportunities to the rest of the world and remain the most attractive investment destination. We welcome businesses from across the world to invest in China and grow stronger with the Chinese economy.

We will step up efforts to prevent and control economic and financial risks and stave off systemic risks. Potential risks do exist in some areas, but they are generally under control. We are taking effective measures to tackle and remove them in a timely way. For China, the biggest risk is that of stalling growth. We will continue to take coordinated measures to prevent and address risks in the course of promoting economic development. With a relatively low government debt ratio among major economies and a relatively high savings rate, capital adequacy ratio of commercial banks and provision coverage ratio, we are fully capable of fending off risks and ensuring that the economy performs within a reasonable range, maintains medium-high growth rate and moves to the medium-high level.

Ladies and Gentlemen,

As a Chinese saying goes, "The sea is vast as it admits all rivers." An inclusive world will be a more splendid place. We are ready to work with all countries to achieve inclusive growth in economic globalization and the new industrial revolution, build a community of shared future, and create an even brighter tomorrow for mankind.

To conclude, I wish this Annual Meeting a complete success.

Thank you.