Chinese premier vows deepened reform, opening up

Premier Li Keqiang said on Tuesday that China will continue to open up and build a fair market environment.

Li made the remarks when meeting with foreign attendees of the China Development Forum 2016 on March 19-21.

Only if this policy is followed will China maintain a medium-high growth rate and achieve medium-high level of development, said Li.

He said China will develop its economy under the guidance of the new innovation, coordination, green, open and sharing development concepts, which were outlined in the country's roadmap for social and economic development covering 2016-2020.

China will implement "supply-side structural reform" over the next five years to stimulate the vitality of the market, he said.

Supply-side structural reform, proposed by policymakers in November, aims to advance economic restructuring by reducing ineffective and low-end supply, and boost productivity by expanding medium-to-high-end supply.

China is counting on mass innovation and entrepreneurship to foster new growth engines, said Li, adding that China will spare no effort when advancing technological and institutional innovation.

The China Development Forum is a state-level event sponsored by the Development Research Center of the State Council, which is committed to "engaging with the world for common prosperity."

The foreign representatives at the event included Ford president and CEO Mark Fields, Yale University president Peter Salovey, and Nobel laureate Michael Spence.

The forum, with the theme "China in the New Five-Year Plan," aims to enhance mutual understanding and trust between China and the world through in-depth communication among representatives, and help chart the reform roadmap and contribute to the successful start of the new five-year period. Endi