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Full Text: Premier Li Keqiang meets business representatives at Summer Davos 


[Employment]
In the first half of this year, surveyed urban unemployment rate was around 5.1%. And we added over 7 million urban jobs.

[Mass entrepreneurship]
Over 10,000 new market entities are registered on an average daily basis since last year. 

There are also positive changes in the economic structure. For instance, consumption is contributing about 60% to China' s economic growth. The service sector now accounts for almost 50% of GDP. Growth of high-tech industries is over 10%.

[China' s economic performance]
There has been overall stability in China' s economic performance, despite certain moderation in speed. The overall trend is positive, yet there are also difficulties to overcome. We are pressing ahead with structural reform to advance structural adjustment.

[Systemic financial risks]
Authorities have prevented the spread of financial risks and stabilized the stock market during unusual fluctuations in June and July.

The measures are normal practice in global markets and do not mean the government is trying to replace or weaken the role of the market.

China will continue to develop a multi-layered capital market and make it open, transparent and stable based on market forces and the rule of law.

[Government debt]
China's government debt risks are controllable. 

Government debt is at a relatively low level and concerns over China's government debt risks are unnecessary.

Central government debt is only about 20 percent of China's GDP, while 70 percent of local government debt has been used in investment with expected returns.

[FDI]
On the whole, there has been no change in China's overall policy on FDI. But in specific areas, there have been new steps taken or new measures introduced.

[RMB depreciation]
China has been wrongly criticized for causing currency wars as the recent RMB depreciation was blamed for setting off chain reactions in the global market

China has no intention of boosting exports through the depreciation of yuan and is unwilling to see a currency war, as it will just work against China.

[Level playing field]
China is striving for a level playing field for both Chinese and foreign firms.

Foreign direct investment in China remained robust at 7.7 percent during the first half this year amid a sluggish global economy. 

China is negotiating with the United States and the European Union over bilateral investment treaties based on the "negative list" approach of clearly-stated banned practices.

[Controlling pollution]
The biggest challenge China faces in controlling pollution is that China is still a large developing country, yet it needs to shift the growth model and assume due international responsibilities in tackling climate change.

The Chinese government is taking steps to advance ecological conservation. In particular, we are intensifying efforts to save energy, cut emissions and control pollution. In the first half of this year, we managed to bring down per unit GDP energy consumption by 5.9%.

[Urbanization]
The current urbanization rate in China stands at about 55%. Among residents in urban areas, a large portion of them are not permanent urban residents, but a floating population. There will be a long process for China to achieve urbanization amidst the pursuit of industrialization. This also represents enormous space of domestic demand in China.

Jack Ma

Executive Chairman, Alibaba Group, People's Republic of China 

To govern the Internet is necessary. We pay special attention to some issues such as the protection of intellectual property.

It is hard for a company to stay on top for five years with fierce competition. Fifteen years from now, companies will rarely survive longer than 30 years.

Wang Jianzhou


Wang Jianzhou

Chairman, China Association for Public Companies, People's Republic of China

People have great expectations for state-owned enterprise reforms. Actually, we have already taken a step in that direction with the mixed ownership model.  

Mixed ownership would not be effective if it meant only diversifying its shareholder base.  

State-owned enterprises are fully capable of acquiring resources through the market rather than administrative means.

Zhang Xiaoqiang


Zhang Xiaoqiang

Executive vice chairman of the China Center for International Economic Exchange and former vice director of the National Development and Reform Commission


The Chinese stock markets are relatively new, operating for about 20 years. There is much room for improvement. We need to strengthen government regulation, and also draw lessons from international ones.

Zhang Yichen


Zhang Yichen

Chairman and CEO of CITIC Capital Hong Kong


China faces a very challenging path trying to transform from an investment-driven to a consumption-driven economy without slowing growth.

Li Daokui

Dean, Schwarzman Scholars, Tsinghua University, People's Republic of China




Signs of economic stabilization will emerge in the second half of the year and first quarter of next year, because fixed-assets investments are recovering, especially property investments, which have grown 4 and 5 percent, respectively, compared to the same period last year, and have reached rock bottom.

Rich Lesser

Global Chief Executive Officer and President, Boston Consulting Group, USA

 

Real reform is fundamental to getting China on a good growth path for the future.

Xu Shaoshi

Chairman, National Development and Reform Commission, People's Republic of China

The Chinese economy is still facing downward pressure but State-owned enterprises have responded to the economic downturn. The first half of 2015 saw an increased speed in the merging and reshuffling of many enterprises.

Cheng Wei

Founder, Chairman of the Board and Chief Executive Officer, Didi Kuaidi, People's Republic of China

The entrepreneurial boom has spread not only in China, but also worldwide. Benefiting from new technical innovations, some industries have developed rapidly. This boom is as influential as the Industrial Revolution.