Full text of Chinese Premier Li Keqiang's remarks at Fifth China, Central and Eastern European Countries Economic and Trade Forum (2)

Third, we need to create new highlights in the trade of special agricultural products. China is a major consumer of agricultural products. There is great potential for our cooperation with the CEE region in deep processing of meat, dairy, wine and other agricultural and sideline products as well as in breeding, farming and processing in the animal husbandry sector. China will create conditions to import more goods, especially farm products, from CEE countries. We also welcome the participation of CEEC companies in the China-CEEC Investment and Trade Expo and other trade fairs, so that they can introduce more green products to the Chinese market. We are ready to step up quarantine and inspection cooperation with CEE countries to facilitate trade in agricultural products and improve trade balance.

Fourth, we need to widen channels to address the financing issue. Since China and CEE countries have different legal frameworks, our collaborative projects may encounter some difficulties. China respects relevant EU standards. And we are ready to explore with the governments of the 16 CEE countries to open more channels and offer preferential policy support to major cooperation projects in a more flexible manner. We should fully leverage the 10 billion U.S. dollars special credit line, study the idea of setting up a 3 billion U.S. dollars investment fund, launch the second phase of China-CEEC investment cooperation fund, and discuss the possibility of a RMB fund for China-CEEC cooperation. The Bank of China, the Industrial and Commercial Bank of China and the China Development Bank have opened branches or representative offices in the CEE region. China supports cooperation with CEE countries in local currency swap, local currency settlement and financial regulation. We propose the setting up of a 16+1 multilateral financial company to reduce financing costs for our cooperation through financial leasing, trade financing, equity investment, PPP and other forms. When Chinese equipment and products are used, China is ready to provide preferential financing support. China's application to join the European Bank for Reconstruction and Development has been approved by its Board of Governors, and is waiting for the approval of its Board of Directors. The two sides are also discussing joint financing, through which CEEC companies can get more funding. China is ready to strengthen financing cooperation through this channel according to EU standards. In addition, the Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund and other financial institutions may also provide support to our cooperation projects.

We should give more attention to SME cooperation and development. The prosperity and progress of a country depends on whether the ingenuity of its entire population is unleashed. This requires the big companies to play the backbone role and also needs the numerous SMEs to harness their vitality and advantage in technological innovation. China is energetically pressing ahead with mass entrepreneurship and innovation. We are ready to work with CEE countries to forge platforms for SME innovation cooperation so that our cooperation will spread into more areas and produce more fruitful results.

China and CEE countries enjoy deep traditional friendship. Close cultural and people-to-people links will consolidate the foundation of our business cooperation. We will designate 2016 as the China-CEEC Year of Cultural and People-to-people Exchanges to make full use of our cooperation platforms in culture, education, science and technology, youth, health and other fields and organize colorful events under the framework.

Ladies and Gentlemen,

I know you all have a keen interest in China's economic outlook. Despite the weak recovery of and rising uncertainties in the global economy this year, the Chinese economy has performed steadily within a reasonable range. We are on track to attain around seven percent growth for the whole year and meet the main targets of economic and social development. This will lay the foundation for the Chinese economy to keep a medium-high growth rate and move to a medium-to-high level in the next stage.

The Chinese economy is moving steadily in the right direction. This trend will not change. In our vigorous efforts to promote structural reform and adjustment, we are working to foster twin engines of growth, i.e. promoting mass entrepreneurship and innovation and increasing public goods and services. We will unlock the dynamism of market players and creativity of the society by taking new approaches to streamline administration and delegate power, strengthening regulation and improving government services. The Chinese economy has great resilience, huge potential and ample room for readjustment. The upgrading of consumption of over 1.3 billion Chinese people will generate the largest market demand the world has ever seen. Parallel progress in the new type of industrialization, IT application, urbanization and agricultural modernization will further expand the space of development.

China is drafting its 13th five-year plan on economic and social development. It will adopt a new development approach featuring innovative, coordinated, green, open and shared development to achieve its ambitious blueprint for a moderately prosperous society in all respects. In the next five years, annual growth rate needs to be kept above 6.5 percent. At this rate, our per capita GDP will reach around 12,000 U.S. dollars by 2020. That will be close to the level of high-income countries according to World Bank standard and allow us to basically avoid the middle-income trap. If achieved, it will mark another milestone in China's modernization process, offer even more development opportunities for CEEC and other countries, and make new contribution to global economic recovery and world peace, stability and prosperity. China will open up at a higher level, promote our equipment, technologies, standards and services around the world, and ease market access in finance, education, health care, old-age care and other fields. As we open up even wider, we would be happy to see CEE countries share in the dividends of China's prosperity and development.

Ladies and Gentlemen,

A proverb in CEE countries says that the faint-hearted will always wait at the foot of the hill, and only the brave can climb to the top. And a Chinese saying goes that one should have the commitment and lose no opportunity to make achievements. Now, the good opportunity of China-CEEC cooperation is within reach. I hope that the business leaders present today will seize the opportunity and work together to open up new prospects for win-win cooperation between China and Europe.

I wish the Fifth China-CEEC Economic and Trade Forum a complete success.

Thank you. Endi