China should accelerate growth mode transformation and economic restructuring to achieve stable and fast development, said Li Keqiang, Vice Premier of China, on March 18, 2012 in Beijing.

Li Keqiang (2nd left) at the forum.

At the China Development Forum 2012, Li said, despite the rapid growth pace at present and the positive economic prospective in long term, China is encountered with challenges posed by unbalanced, uncoordinated and unsustainable development at home and uncertainties of global recovery.

During the 12th Five-Year Plan period (2011-2015), therefore, Li urged the government to keep steady and fast growth, stabilize consumer prices and make breakthroughs in growth mode transformation, reform, opening up and improving people's livelihood.

Regarding system and mechanism reforms, the government should deepen reforms on taxes, the financial sector, prices and income distribution. It should also seek progress in key areas to let the market play a bigger role in resource allocation, Li said.

Reform and opening up are strong forces in achieving the transformation, Li said. The government should promote balanced trade, introduce more channels for overseas investments and create a fair competition environment for all market players.

To speed up the transformation, the country should expand its domestic demand by unleashing potentials in the urbanization process, he said.

In the course of urbanization, the government should protect arable land, ensure food safety and improve rural production and living conditions.

To promote independent and innovation-led growth, the government should let businesses play a role in making technological, management and production innovations, Li said.

The China Development Forum 2012 takes a theme of "China and the World: Macro-Stabilization and Economic Restructuring." More than 500 people, including government officials, entrepreneurs, experts and representatives from international organizations, attended the event.

(Xinhua contributed to the story.)

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