On September 9, 2015, when having a discussion with representatives of Chinese and foreign entrepreneurs attending the Summer Davos Forum in Dalian, Premier Li Keqiang expressed that China will continue to develop a multi-tiered capital market, stick to the directions of marketization and legalization and strive to cultivate an open and transparent capital market with long-term, steady and healthy development.

When answering a question from Yorihiko Kojima, Chairman of Mitsubishi Corporation of Japan, Li Keqiang said that recently there are new ups and downs emerging in the international financial market. These fluctuations represent the aftermath of the international financial crisis in 2008. In June and July China's capital market, in particular the stock market, underwent unusual fluctuations as well. Measures have been taken by relevant sides to stabilize the market so as to prevent the wide spread of risks. And so far we can say that the systematic risks to the financial market have been forestalled. However, this is not to weaken or replace the functions of the market. It is common international practice and is in line with China's national conditions.

Li Keqiang expressed that considering China's debt rate is at a relatively low level, the government debt risks are controllable. For example, the debt of the central government is less than 20% of China's GDP, while over 70% of local government debt takes the form of investment with expected returns. We are now still regulating the issuance of local-government debts to "open the front door and block back doors." Those who are concerned that China's government debt may bring serious risks are worrying too much.

He said that China will press ahead with financial system reform as it's necessary for maintaining financial stability and opening-up to the outside world. Recently in the process of cutting interest rates and the required reserve ratio, we lifted restrictions on the interest rate ceiling for fixed term deposits above one year. We will also ease market access for private banks, including orderly introduction of foreign investors into the financial sector and their partnerships with Chinese counterparts. The direction of reform will not be changed, nor will the pace of reform be halted. Yet certainly the reform will be conducted in a step-by-step way.