China Prepared To Open Up Even More, Li Vows

- May 04, 2018-

China is ready to further open up and create a globally competitive business environment, nurturing a level playing field for both domestic and foreign businesses, Premier Li Keqiang told a group of business representatives and government leaders on Tuesday.

"China will further expand market access in the service and manufacturing sectors, relax restrictions on foreign ownership, and treat domestic and foreign companies on an equal basis," Li said, addressing the opening ceremony of the Annual Meeting of the New Champions 2017, also known as Summer Davos, in Dalian.

The Chinese economy, with its steady, long-term growth and increasing inclusiveness, will generate more opportunities for other countries, and China will remain the most attractive destination for investment, Li said.

He said China has achieved better-than-expected results in its efforts to drive mass entrepreneurship and innovation, adding that the number of market entities of all sizes and types in China increased by a daily average of 40,000 in the past three years.

He said that overseas investors in China are also encouraged to invest the profits they earn in the Chinese market, though they can also choose to take their profits out of the country with no restrictions.

Ensuring steady employment, the basis for inclusive growth, remains the government's top priority, he stressed.

China has created 13 million jobs every year in the past few years. The registered urban unemployment rate has remained at around 5 percent.

"Short-term and small fluctuations of economic indicators are unavoidable, but the long-term steady trend for Chinese economic development will not change," Li said, ruling out a hard landing.

In a conversation with Klaus Schwab, founder and executive chairman of the World Economic Forum, Li said the economy will stick firmly to macroeconomic policies, with a proactive fiscal and prudent monetary policy, enhancing compliance oversight for market entities and replacing old economic driving forces with the new to maintain economic dynamism.

"The government will use prudent and tolerant supervision of new industries and business models in new areas, so that they will be able to enjoy an enabling environment for healthy growth," Li said.

Harld Peters, president of United Parcel Services, China, said Li's speech has sent a strong signal of promoting global trade, and he was impressed to learn that more than 14,000 enterprises were registered every day in China.

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