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Premier: China able to reach growth target

China Daily, September 12, 2013

• Premier Li Keqiang and Klaus Schwab, founder and executive chairman of the World Economic Forum, attend the opening ceremony of the forum's Annual Meeting of the New Champions 2013 in Dalian, Liaoning province. Li said China's economy has entered a phase of medium-to-high growth, striking an optimistic tone on continuing stable and sustainable development. [China Daily]

  China will reach its growth target of 7.5 percent this year despite a "complex" world's economic climate, said Chinese Premier Li Keqiang in his keynote speech at the opening ceremony of Summer Davos in Dalian, northeastern China's Liaoning province.

  "The economy is fundamentally stable, and the trend is positive," Li said at the three-day event.

  China's economy has shown signs of stabilizing in recent months after a growth slowdown, signaled by larger-than-expected rebounds in trade, and surveys showing manufacturing regaining momentum.

  "Such a development momentum of steady progress gives us the confidence that we can meet the economic and social development goals set for the whole year," Li said.

  Li also stressed China's determination in pushing forward economic transformation and structural reform to achieve sustainable and healthy growth.

  "China is now at a crucial stage that without structural transformation and upgrading, we will not be able to sustain economic growth in the long term," said Li.

  Li said that expanding domestic consumption, especially in services, will be the key part of the economic transformation, and balancing regional development and narrowing the gap between urban and rural areas will be a major task.

  While reiterating that the country will achieve the main growth targets this year, Li also warned that the fundamentals for China's economic recovery are still fragile.

  "The potential growth will slow down ... China's future growth must be based on improvement of quality and efficiency," he said.

  Li also pledged to improve the investment environment and create equal access for all market players to production and legal protection.

  Chinese economy grew 7.6 percent year on year in the first half of 2013. Growth fell to 7.5 percent in the second quarter of the year, declining from 7.7 percent in the first quarter and 7.9 percent in the final quarter of last year.

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