Chinese vice premier proposes way forward for world economy at Davos

Chinese Vice Premier Li Keqiang has returned to Beijing after attending the World Economic Forum in Davos. Li told the forum that China will transform its current growth pattern and explore a new development model in the post-financial crisis era.

Addressing the forum, Li Keqiang highlighted the Chinese government's measures and achievements in tackling the global financial crisis. He said the crisis did not change the fundamentals and long-term positive trend of China's economic development.

He called on the international community to work together to create a better future and strengthen the world's economic recovery.

Vice Premier Li said, "Continued global cooperation is needed to avoid dangers and to reduce risks in the course of the recovery. The international community should increase coordination and cooperation in macro-economic policies. The world should identify the right direction and priorities of economic policies and withdraw stimulus policies at the right time in order to bring about a full recovery as soon as possible."

Regarding China's own development path, he says China needs to follow the scientific outlook on development, accelerating transformation of economic growth pattern, intensifying strategic adjustment of economic structure and endeavoring to explore new development models.

To meet the target, he says first, China will focus on boosting domestic demand to drive economic growth. Second, China will rely on technological innovation, energy conservation and emissions reductions to promote industrial restructuring and upgrading. And third, China will deepen reforms and open wider to the world.

Li Keqiang also met World Economic Forum executive chairman Klaus Schwab on Thursday. He stressed China's commitment to cooperate with the international community to boost sustained and balanced global economic growth.