China needs foreign businesses in economic transition: premier

China will expand market access for foreign investment to help drive industrial upgrades and economic transition, Chinese Premier Li Keqiang said on Tuesday.

"The participation of foreign firms is needed in China's efforts to push economic transition and upgrading through reform and innovation to realize sustainable healthy growth," Li said during a session with business executives at a meeting of the World Economic Forum in the northern Chinese city of Tianjin.

Foreign technology and managerial expertise will help Chinese firms and the country's industrial upgrading, he said.

The premier promised to further ease market access for foreign investment to build an environment for fair competition. "China has the biggest potential for investment and should become the world's most appealing destination for investment." Endi