China's import of goods to hit $10t in 5 years

BEIJING -- China's imports of goods will hit a value of $10 trillion in the next five years, Premier Li Keqiang said on Monday.

Li made the remarks while meeting with participants to the 2013 China Development Forum held in Beijing over the weekend.

Li said the added value of China's service sector has reached nearly $4 trillion, even though the sector's total trade volume currently stands at just $470 billion.

"China's markets for both goods and services still remain huge for international businesses," he said.

He pledged to boost China's development by continuously opening the country up, adding that the service sector will be a key part of these efforts.

Li acknowledged that China's growth could not have occurred without international cooperation, adding that the role of the government is to provide a market and platform for fair competition, the protection of intellectual property right and commercial secrets.

"Foreign-funded enterprises and Chinese enterprises can not only compete equally on China market, but also can work together and jointly explore a third-party market," Li added.

Li said China now faces up two unprecedented tasks in its development.

"One is modernization and the other is environmental challenges," Li explained.

Li said China will focus on stimulating domestic demand and work to resolve bottlenecks concerning energy resources and environment to seek a way out for achieving coordinated development between the economy, resources and environment.

Over 100 CEOs from international corporations, as well as experts and scholars from world-renowned institutions and leaders from international organizations like the World Bank, the International Monetary Fund and the Organization for Economic Cooperation and Development attended the meeting.

They exchanged views with Li on the topics of industrial upgrading, innovation, energy policies, service trade, urbanization and investment environments.

The China Development Forum serves as a platform for business and academic leaders to interact with China's top decision makers and economic planners.