Chinese Vice President Li Yuanchao gave an address on the second day of WEF, saying China will continue to contribute to the development of the global economy in the future. He sounded upbeat on the country's economy.
Chinese Vice President Li Yuanchao gave an address on the second day of WEF, saying China will continue to contribute to the development of the global economy in the future.
Li said China will remain a leading contributor to the global economy as the country maintains a steady growth.
"China remains a major driving force for global economic growth. This is my first point. Second, China has the confidence and capability to maintain medium to high growth," he said.
"As the world is yet to shrug off the deep impact of the global financial crisis, its economy is still in the period of profound adjustment."
"The Chinese economy, closely connected with the world economy, has entered a new normal, shifting from fast, quantitative expansion, to a stage of pursuing higher quality and efficiency."
Li said China is in a period of transformation as it slows its pace of growth and after achieving a 6.9 percent GDP growth last year, it is staying in good shape.
"In the past five years, China's GDP grew from over 7 trillion US dollars to over 10 trillion, forming a solid foundation for future development," he said.
"The fiscal revenue for China for 2015 is expected to grow by more than five percent and by the end of 2015, China's foreign exchange reserve surpassed $3.33 trillion, being the world's biggest."
Li also said the theme of the forum, mastering the fourth industrial revolution, has well-matched China’s future economic dynamics, which requires further investment in high-tech areas, as well as a move up to the upper chain of the global economy.
Meanwhile, Li has pledged that China will use its G20 presidency to help improve global economic governance, to make it fairer and more inclusive.
