Govt to channel capital into real economy: Vice-premier

Vice-Premier Zhang Gaoli delivers a speech at the China Development Forum in Beijing, March 19, 2017. [Photo/Weibo.com]

China will make efforts to channel capital into the real economy to achieve sustainable development, said Vice-Premier Zhang Gaoli on Sunday.

A large amount of funds have been invested in the real estate sector and if it is not well managed, there could be the problem of bubbles, he added. China will take measures to prevent financial risks from developing, Zhang said, adding that the Chinese economy will not encounter major problems and can achieve?sustainable growth.

He also said China will further open up its economy to the outside world and provide private investors wider access to sectors that are yet to open.

Global economy needs structural reform, says vice-premier

The road of global economic recovery has been bumpy in the wake of the 2008 global financial crisis, said Vice-Premier Zhang Gaoli on Sunday.

Structural reform is needed to solve the deep-rooted problems of the world economy, he told participants of the China Development Forum.

He said China has made relentless efforts to reform its economic structure and contribute to global economic recovery, Zhang said, adding that China contributed to about 30 percent of world growth in 2016 while contribution of Asia as a whole was about 50 percent.

The China Development Forum opens in Beijing, March 19, 2017. [Photo/Weibo.com]

China committed to economic opening-up: Vice-premier

China will remain committed to its stance of economic opening-up and further improving the business environment for foreign investors, said Vice-Premier Zhang Gaoli on Sunday.

"China will push for a higher-level economic opening-up," he told participants of the China Development Forum.

Zhang also said in the next five years, China's trade volume will rise to $8 trillion and its actually utilized direct foreign investment will reach $600 billion. Chinese enterprises and individuals are expected to make outbound direct investment of $750 billion in the same period while the number of Chinese tourists going abroad is expected to reach 700 million, he said.