Premier Li: Trend of globalization is unstoppable

Chinese Premier Li Keqiang said on Wednesday that the trend of globalization is unstoppable, and the basic principles of free trade should be maintained despite of flaws in the process.

Chinese Premier Li Keqiang (right) shakes hands with participants for the World Economic Forum's Summer Davos Forum in Tianjin, on September 19 2018. [Photo: gov.cn]

Premier Li made the remarks at the opening ceremony of the 12th World Economic Forum's Annual Meeting of the New Champions, or Summer Davos Forum, in north China's Tianjin municipality.

Li added that China's reform and opening-up in the past four decades have been in keeping with the trend of globalization, and pledged that the country will pace up its opening-up.

Li on economic growth 

New drivers of growth being shaped in today's world are in keeping with the trend of globalization and are critical for inclusive development and growth.

These new drivers have helped to further integrate the global industrial supply and value chains, and they help present opportunities to each individual to develop and innovate.

Li on trade

As the new growth drivers are developing at a better-than-expected pace, new industries, new forms of business and new models have played a key role in maintaining China's stable and positive economic performance.

China has carried out massive cuts to taxes and fees, so that the market will be able to play a bigger role in boosting these new growth drivers.

Li on China's currency

"The recent fluctuations in the exchange rate have been seen by some as an intentional measure on the part of China. This is simply not true. Persistent appreciation will only do more harm than good to our country."

Instead of engaging in competitive devaluation, China will stick to market-oriented foreign exchange rate reform.

The three-day forum, themed "Shaping Innovative Societies in the 4th Industrial Revolution," attracts more than 2,000 government, business, academic and media representatives from nearly 90 countries and regions.