Premier pledges to expand opening-up

China has adopted a series of measures that effectively eased pressure on the supply of electricity and coal, and the country's future energy supply is guaranteed, Premier Li Keqiang said on Tuesday.

While addressing the World Economic Forum Special Virtual Dialogue with Global Business Leaders, Li said that China will consider its national conditions and push forward the low-carbon transition in a balanced and orderly way on the premise of ensuring the steady and safe supply of energy.

The dialogue was chaired by Klaus Schwab, founder and executive chairman of the WEF, and nearly 400 business leaders from over 40 countries participated.

During the dialogue, Li said that China's economy has in general sustained the momentum of steady recovery this year while facing new downward pressures.

However, the fundamentals of China's long-term economic development remain unchanged, as the country's total number of 150 million market entities have provided resilience and vitality for the Chinese economy and strongly supported employment, he added.

Next, China will step up cross-cyclical adjustments, will not resort to "floodlike" stimulus, and will introduce a mix of tax and fee reductions at an appropriate time to keep its economic operations within a reasonable range, Li said.

The premier also reiterated China's firm commitment to expanding opening-up, saying that China will promote international cooperation and build a market-oriented and world-class business environment governed by a sound legal framework.

He also said that China will treat all types of market entities on an equal basis and protect intellectual property rights in accordance with the law.

Enterprises from all countries are welcomed to invest in and prosper in China, Li added.

Given that the COVID-19 pandemic is undergoing many twists and turns and global economic recovery faces increasing uncertainty, Li said that China stands ready to join hands with all parties to fight the virus and ensure the stable and smooth functioning of global industrial and supply chains.

China will also improve its trade and investment liberalization and facilitation and step up international macroeconomic policy coordination, in order to promote the steady recovery of the world economy, he said.