Li Keqiang's speech at Summer Davos opening ceremony -- full text

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Third, readjusting and optimizing the structure with emphasis on transformation and upgrading. China is now at such a crucial stage that without structural transformation and upgrading, we will not be able to achieve a sustained economic growth. In readjusting the structure, the most important aspect is to expand domestic demand, and a major task is to pursue a balanced development between urban and rural areas and among different regions. We will rely mainly on industrialization, new type of urbanization, IT application and modernization of agriculture and focus on developing the service sector which is of strategic importance. We are cultivating new growth areas of consumption and implementing the "Broadband China" strategy. We will enhance the weak links and invest more in energy conservation and environmental protection, redevelopment of shantytowns, infrastructure in urban areas, and railways in the central and western regions. We are stepping up support for contiguous and concentrated poverty-stricken areas. We have adopted special policy measures to promote old age care, health, cultural, educational and other services. We are implementing the strategy of innovation-driven development at a faster pace, aggressively promoting technological innovation and deep integration of science and technology with the economy and building a social environment friendly to innovation and business start-up activities.

Since the start of this year, China has been rather successful in coordinating efforts to seek steady growth, conduct structural readjustment and deepen reform, and this is mainly attributable to innovation in macro management. Seizing the growth potential and acting to address the need in reality, we have set a reasonable range of economic performance with a lower limit designed to ensure steady growth and job creation and an upper limit which is meant to avert inflation. The limits are also seen as benchmarks for anticipatory regulation measures. We have also developed a macro policy framework in keeping with the reasonable range of economic performance. As long as the economy runs within the reasonable range, we will keep the macro economic policy generally stable, and focus on shifting the growth model and on structural readjustment. In this connection, what is essential is to advance reform and innovation, tap potential domestic demand, and unleash innovation motivation and reform dividends in order to boost market vitality and the internal driving force for growth and upgrade the Chinese economy.

These measures have brought about a sound momentum of stable economic performance in China. In July and August, PMI, PPI, industrial value added, import and export, power consumption, freight volume and other major indicators all rebounded; the real economy was active; urban employment situation continued to improve and prices were generally stable with enhanced market confidence and growing public expectations. Such a development momentum of steady progress gives us the confidence that we will meet the economic and social development goals set for the whole year. Having said that, we must see that the foundation for economic rebound is still fragile with many uncertainties ahead. We cannot and will not slacken our efforts. We must be prepared to tackle more difficulties and challenges.

Ladies and Gentlemen,

The fast growth of the Chinese economy over the past 30-odd years is a miracle in the history of development of the world. The Chinese economy has entered a phase of medium to high rate growth. Though lower than the near double-digit rates seen in previous years, a growth in the neighborhood of 7.5 percent is still considered high for any major economy in the world. China's economic size is considerably bigger than before. As the economy enters a phase of transformation, the slowdown of its prospective growth and moderation of the Chinese economy from a high speed to a medium to high speed are only natural. Moreover, China's growth in the coming years should be predicated on higher quality and efficiency, bolstered by resource conservation and environment protection, and driven by technological innovation and advance. It has to be a growth with sufficient employment and growing household income. In other words, we need to ensure the fruits of reform and development benefit as many people as possible.

Looking ahead, I see bright prospects for China's development. We are well placed to sustain a healthy economic growth in the long run. The process of industrialization and urbanization is far from being completed in China, which promises a big room for regional development and huge market potential; reform, an overriding trend that is irreversible, is bound to unleash fresh institutional vitality; and the hard work, talent and perseverance of the Chinese people will always provide the most important support for development. We will continue to grow the economy, improve people's living standards, uphold social justice, stay firm on the path of reform and opening-up and advance the cause of building socialism with Chinese characteristics. As long as we remain committed to long-term goals and focus on addressing immediate challenges, the giant vessel of the Chinese economy will break waves and sail far. And we will achieve the sustained and sound growth of the Chinese economy.

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