Chinese vice premier confident in economy

BEIJING -- Vice Premier Li Keqiang expressed his confidence in the Chinese economy on Monday, noting the ongoing restructuring process will help the country's economy to improve its quality, vitality and sustainability.

"The measures taken by the Chinese government for macro economic adjustment and control will play a conducive role in optimizing the Chinese economy's structure and therefore achieve stable and long-term growth," Li said, while conferring in Beijing with a delegation of the International Business Council headed by Klaus Schwab, executive chairman of the World Economic Forum.

Li noted that China remains a developing nation, and will stay that way for quite a long time despite the fact that the total volume of its economy has become the second largest in the world, adding that more and more consumption needs have been created when the country is embracing further industrialization and urbanization.

"The consumption, on the other hand, will help the industrialization process in various sectors, especially the service sector," Li told the guests.

The vice premier also stressed that China has prioritized innovation as one of the major means to boost its national development and made efforts to install an environment featuring fair competition and strict protection of intellectual property.

"Foreign investors will engage themselves in a fairer market and profit from their cutting-edge innovation and know-how," Li said.

Discussing the internationalization of the Chinese currency, the yuan, Li noted that the international community has been in need of a more diversified and balanced currency system since the occurrence of the international financial crisis.

"The internationalization of the Chinese yuan would help improve the system and promote global financial stability and economic development," he said.

However, Li stressed that internationalizing the Chinese currency will proceed gradually in due order.

The sixth Annual Meeting of the New Champions, also known as the Summer Davos Forum, will open on September 11 in Tianjin. Premier Wen Jiabao will attend and address the opening ceremony.

A total of 1,610 delegates have registered for the forum, according to figures released last Thursday.

The northern Chinese port cities of Dalian and Tianjin have hosted the summer forum in turn since 2007.