Chinese VP stresses steady growth, domestic demand expansion

BEIJING - Chinese Vice Premier Li Keqiang on Sunday stressed the role of maintaining steady and relatively fast economic growth, expanding domestic consumption and promoting reform and innovation in transforming the economy.

Maintaining steady and relatively fast long-standing economic growth is both the goal and prerequisite of China's economic transformation, said Li during the 12th China Development Forum.

"Faced with complicated international and domestic conditions, China has prioritized cooling the overall consumer prices in its macroeconomic policies," said Li.

Related readings:  New five-year mission  China to prioritize domestic consumer demand  Meeting target 'will not be easy'  Rising domestic demand helps cut trade surplus

To transform the economic development pattern, China must make efforts to expand domestic demand, Li said, adding that "We will properly adjust the income distribution relations to make the residential income rise keep pace with economic growth."

China would also increase people's consumption capabilities through building more affordable housing and making healthcare insurance accessible to all people, Li said.

Economic transformation was reform and innovation in itself, and it also needed to be pushed by this reform and innovation, Li said.

China would be more open to the world and China's economic transformation, along with its expanding domestic consumption and industrial upgrading, would offer more business opportunities to enterprises from all countries.