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Li Keqiang Attends Opening Ceremony of 9th Summer Davos Forum and Delivers Special Speech

2015/09/11

On the morning of September 10, 2015, Premier Li Keqiang attended the opening ceremony of the 9th Summer Davos Forum and delivered a special speech at the Dalian International Conference Center.

Li Keqiang expressed in his speech that at the moment, global economic recovery is still weak. As an economic entity that is deeply integrated into the global market, China could not stand unaffected. Despite the moderation in speed, the overall performance of the Chinese economy is stable and moving in a positive direction. Although difficulties remain, there are more opportunities than challenges. Over the last two months, we have seen a slip or fluctuation in certain indicators. Yet, the policies and measures adopted in the previous stage are starting to pay off, and positive factors are building up in the economy, and the fundamentals underpinning a stable Chinese economy have not changed. It may be said that the ups and downs in the economy may have formed the shape of a curving wave, but the underlying trend remains to be positive. We are capable of meeting the main goals and tasks set for economic and social development this year.

Li Keqiang stressed that the Chinese economy is in the state of a new normal and its future will be even brighter, which is based on the sound foundation, condition and momentum of economic growth. China is going through the process of a new type of industrialization, IT application, urbanization and agricultural modernization. China has a vast territory and diverse industries. That means, when it is dark in the east, it is bright in the west, and the Chinese economy is supported not by a single pillar but multiple pillars. It is highly resilient and shock-resistant. We will pursue an innovation-driven development strategy through structural reform to fully unleash the potential of economic growth. We want to make sure that the economy maintains medium-high speed of growth and moves to medium-high level of development.

Li Keqiang pointed out that reform in the financial sector has been advanced in accordance with market principles and rule of law. An open and transparent capital market that enjoys long-term, steady and sound development is being fostered. Meanwhile, we are stepping up and improving risk management to make sure that no regional or systemic financial risk will occur. By the end of the year, the China International Payment System (CIPS) will be launched to support the further development of offshore RMB market and the "going global" strategy of Chinese equipments.

Li Keqiang said that for China to advance structural reform, it is important to unleash the infinite creativity of the people, and thus promote mass entrepreneurship and innovation. Mass entrepreneurship and innovation is a strong power driving development, means more employment, gives impetus to developing a sharing economy, represents an innovative step in the income distribution model and is effective in promoting social justice. Mass entrepreneurship and innovation requires comprehensive and accessible supply of public goods and services. This also requires structural reform. By promoting government procurement of social services, PPP, franchising and other market-oriented approaches, we will join force to provide relatively sufficient public goods as well as quality and effective public services, so as to facilitate entrepreneurship and innovation, promote better economic development and improve people's living standards.

Li Keqiang stated that what has happened since the international financial crisis shows that quantitative easing alone cannot address the structural hindrances to growth. What is important is to strengthen the real economy. This would require that countries advance structural reform at home and strengthen international cooperation. China has come up with the initiatives to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and to promote global cooperation on production capacity, with an aim to forge a more balanced and inclusive global industrial chain. This in turn could pool the comparative strengths of all countries and foster a global community of common interests and development for win-win, inclusive and common progress. Countries are now at different stages of development. Global cooperation on production capacity will match supply with demand effectively and generate more demands through innovation on the supply side, which will produce multiple benefits and win-win results among all three parties. China's role could be a bridge that links the parties together. And it may be a good idea for parties concerned to strengthen coordination and jointly promote such cooperation by including it into the framework of bilateral and multilateral cooperation mechanisms.

Li Keqiang expressed in the end that to promote global economic recovery is our common task. The international community should work together and increase coordination in order to advance structural reform. China is committed to peaceful development and a mutually beneficial and win-win strategy of opening-up. We will work with all countries to promote inclusive and balanced growth and green and sustainable development. Together, we could blueprint global economic growth and create an even better future for mankind.

After the speech, Li Keqiang also answered questions on international cooperation on production capacity, entrepreneurship and innovation.

Over 1700 people were present, including political heavyweights of various countries such as Chairman of the World Economic Forum Klaus Schwab, President Peter Mutharika of Malawi, Prime Minister Chimed Saikhanbileg of Mongolia, Prime Minister Irakli Garibashvili of Georgia, Prime Minister Keith Mitchell of Grenada, Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Petrovich Trutnev of Russia as well as representatives of all circles from over 90 countries and regions.

Yang Jing and Zhou Xiaochuan attended the opening ceremony.

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