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Li Keqiang: more uncertainties for global economy

Reporter: Wang Hui 丨 CCTV.com

06-27-2016 20:30 BJT

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The World Economic Forum -- or what's sometimes called "the Summer Davos" -- has begun in East China's coastal city of Tianjin, with Chinese Premier Li Keqiang making the opening speech.

TIANJIN, June 27, 2016 (Xinhua) -- Chinese Premier Li Keqiang addresses the opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos Forum, in Tianjin, north China, June 27, 2016. (Xinhua/Pang Xinglei)

TIANJIN, June 27, 2016 (Xinhua) -- Chinese Premier Li Keqiang addresses the opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos Forum, in Tianjin, north China, June 27, 2016. (Xinhua/Pang Xinglei)

Chinese premier Li Keqiang raised the curtains of the 2016 World Economic Forum Tianjin with a pulse check on the global economy.

"The UK's leaving the European Union has shown impact on the global financial markets. It reflects the escalating global economic and political uncertainty. The current situation requires countries to work together for a stable world. Europe is an important partner of China. China will continue to improve the China-Europe and China-UK relations," Li said.

Premier Li says the momentum of global economic recovery undershoots market expectations. Commodity prices, diverging emerging markets' development and rising geopolitical risks are the sources of financial market volatility. Li Keqiang says the fourth industrial revolution could be a cornerstone for the world to find new growth driver.

"The global recovery needs efficient global governance to make the reforms happen. We need pro-growth policies and strengthened regulations, to firmly push forward free-trade and investment," Li said.

On China,Li highlights China's stable jobs, huge talent pool, and enormous consumer market. Li also says these factors ensure that there will be no hard landing for China's economy, and no basis for the long-term depreciation of the yuan.

"The focus would be the steel and coal sectors, to cut off excess capacity and help those employees to land on new jobs. This shows China's responsibility in the global fight against overcapacity. We want both business elites and ordinary people to join the entrepreneurial wave through both online and off-line projects. That will provide a better playing-field for everyone," Li said.

Li Keqiang says the yuan will be more convertible, and that China welcomes foreign investments both in the forms of joint venture and solely-owned firms. Li says China needs long-term investors and less speculators.

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