China Focus: Premier Li underscores global cooperation while meeting entrepreneurs at Boao

Premier Li Keqiang on Thursday highlighted global cooperation as he reassured entrepreneurs attending Boao Forum for Asia (BFA) that China's market will stay open.

The premier said, "there are more hopes than difficulties" when meeting with entrepreneurs in a symposium on the sidelines of the annual conference in the southernmost island province of Hainan.

"We hope to forge our new future here in China," said Deloitte's global chairman David Cruickshank, adding that next year marks the centennial anniversary for the company in China.

Cruickshank said the company was devoted to supporting China as it pursues reforms and innovation amid the new economic reality.

Premier Li said he was delighted to see Deloitte in cooperation with Chinese enterprises, and that China will work to ensure a level playing field for all enterprises regardless of their ownership.

China will gradually open up industries that are monopolized by state-owned enterprises for the participation of private and foreign companies. He did not specify which industries they would be.

Takeshi Uchiyamada, chairman of Toyota Motor Corp., said the company is happy to contribute to the green growth of China. He said he sees a role for Japanese companies as China tries to deal with its environmental woes.

In partnership with Chinese companies, Toyota sold 1.3 million cars in China last year. The company began selling two of its hybrid cars in China in October last year.

Premier Li said China was pursuing green development as part of its economic transition, and is encouraging the development of vehicles powered by new types of energy. He said he would like to see Japanese companies, especially Toyota, boost cooperation with Chinese car companies on new energy vehicles.

Chinese market is open, and will be more open to foreign companies, Li said. He added that China was negotiating free trade agreements with many countries and is in talks with other Asian countries on the establishment of the Regional Comprehensive Economic Partnership.

Li Shufu, chair of China's auto maker Geely, said his company was cooperating with Toyota on battery technology for hybrid cars.

Premier Li said China was like a hybrid car, as traditional and new growth drivers are both in place to support the economy.

Mass innovation and entrepreneurship are boosting the new growth drivers and China will eventually overcome the challenges and move to a higher level of economic development, the premier said.

"Kazakhstan has benefited from China's Belt and Road initiative and China's plan to build large power plants and steel plants in the country," said Machkevitch Alexander Antonovich, chair of the Board of Managers of Eurasian Resources Group.

Li said that the two nations have reached initial agreements to cooperate on more than 50 projects. The two countries should aim for win-win cooperation. The equipment China transfers to Kazakhstan will be advanced and environmentally-friendly.

John Micklethwait, Bloomberg's editor in chief, talked about the Asian Infrastructure Investment Bank (AIIB).

Premier Li said the AIIB was founded in accordance with the international common practice and it runs parallel with institutions like the Asian Development Bank, not a rival to the current international financial system.

"Committed to upholding world peace and global free trade system, China has become an important force in safeguarding world peace and supporting global economic recovery," Li added. Endit