Premier's Davos speech focuses on reform

By He Shan
0 Comment(s)Print E-mail, September 13, 2013
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Chinese Premier Li Keqiang chose reform as the focus of his speech at the Summer Davos summit in Dalian on Wednesday.

"Reform and innovation provide an inexhaustible driving force for a country's development," the Premier said.

Reform was also the subject of a previous article published by Premier Li in the UK's Financial Times on Monday and his meeting with business leaders in Dalian on Tuesday.

As the world keeps a watchful eye on China's future growth path, Premier Li expressed a strong will to stick to reforms which he believes will make China's economy more efficient.

He pointed out China is pursuing reform and opening-up, and prioritizing market stimulation. "What this government has done first is to thoroughly reform the administrative system with a focus on transforming government functions," the premier said.

Ellen Kullman, CEO of Wilmington-based DuPont, gave her own opinion on Li's speech, "I think it is very positive and has given people a lot of insight into the changes that the administration is going to make. I think it is very exciting, very focused on creating a strong economy."

Monthly data released on Monday showed that industrial production has grown by 10.4 percent, compared with last year, the fastest rate since March last year, and up from 9.7 percent in July, reinforcing Premier Li's positive outlook for China's economy.

Li said that in July and August, PMI, PPI, industrial add value, imports and exports, power consumption, freight volume and other major indicators all picked up.

The speech has bolstered confidence in China's economy, following recent encouraging data. It comes in response to a string of gloomy predictions of a hard landing for China's economy.

Citigroup cut its economic growth forecast for China in July, following Morgan Stanley, UBS and Barclays. Following this, Deutsche Bank increased its predictions for China and Barclays predicted that third quarter growth will be faster than the second quarter, demonstrating confidence in the new leadership.

"If I had to choose three countries that we should pay specific attention to, I would say, China, China and China," said Fatih Birol, chief economist at the International Energy Agency. "The statistics released on Tuesday are the best answer to those who say that the Chinese economy is losing its luster."

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