Li to open investment door wider

Premier assures foreign firms and says more will be done to tackle financial risks

Premier Li Keqiang meets with representatives of business leaders attending Summer Davos Forum in Tianjin on June 28.[Photo/Xinhua]

Premier Li Keqiang promised wider market access for foreign investment and intensified efforts to tackle financial risks when he addressed a roomful of corporate executives in Tianjin on Tuesday.

"The participation of foreign firms is needed in China's efforts to push economic transformation and upgrading through reform and innovation, and to realize healthy and sustainable growth," Li said.

He was taking part in a question-and-answer session on the sidelines of the Annual Meeting of the New Champions, also known as the Summer Davos.

Marc Benioff, chairman and CEO of Salesforce, a California-based company, asked Li about the biggest challenges facing the Chinese economy.

The premier said these included impeding the county's reform and transition, where foreign businesses can play a role.

He said foreign technology and managerial expertise will help Chinese companies and the country's industrial upgrading.

Li said the country will further ease market access for foreign investment and it is committed to building an environment for fair competition.

He did not specify the areas for more relaxed access, but at the opening of the Summer Davos on Monday, Li said the country would open the service and general manufacturing sectors wider and treat Chinese and foreign companies equally.

"China has the biggest potential for investment and should become the world's most appealing destination for investment," he said.

Li added that despite difficulties or even friction that foreign investors may experience when doing business in China, the vast majority of these companies could earn a high return on investment.

"Vast majority means possibly 99 percent (of them)," Li said.

He thanked KPMG for its support and expertise in improving China's accounting system.