Li vows new round of opening-up

BOC named as first in US for RMB clearing; qualified foreign banks invited to participate

Chinese premier Li Keqiang attends the general debate of the 71st session of the UN General Assembly in New York, Sept 21, 2016. [Photo provided to chinadaily.com.cn]

China still has a long way to go to reach modernization and needs to pursue development through deepening reform, further opening-up and safe-guarding a peaceful environment, Premier Li Keqiang said on Wednesday at United Nations headquarters in New York.

Li said China has become the first nation to submit a report to the UN on how it is implementing the 2030 Agenda for Sustainable Development, a blueprint endorsed by the UN last year for ending poverty and hunger, promoting equality and protecting the environment in the years leading up to 2030.

While addressing the general debate of the UN General Assembly, whose theme is "The Sustainable Development Goals: A Universal Push to Transform Our World", the premier vowed that China would carry out a new round of opening-up and work to achieve mutually beneficial cooperation.

Li said that for the sustainable goals to be attained, current norms regarding the international order and relations must be maintained. These norms, formed in the wake of World War II, have ensured peace in the world for more than 70 years, he said.

"They have been proved effective and must be safeguarded with resolve," he said.

The premier also said that the world economy's sluggish growth must be reversed, or sustainable development will have no foundation.

Meanwhile, Bank of China has become the first renminbi clearing operator in the United States, following the announcement by Premier Li that China had decided to designate a domestic bank for the clearing business in New York.

Li made the announcement on Tuesday night while speaking to the Economic Club of New York.

He did not name the bank, but also said foreign banks in the city that met the eligibility requirements are welcome to become clearing banks for the currency.

Shortly afterward, the People's Bank of China, the nation's central bank, said that Bank of China had been designated as the renminbi clearing bank in the US, according to a BOC news release.

In September last year, China and the US agreed to further boost cooperation on renminbi business.