China’s economy is going through a “crucial” stage of restructuring, says the country’s Premier, Li Keqiang.
The British Broadcasting Corporation reported that at the World Economic Forum in the Chinese port city of Dalian, Mr. Li pledged to improve relations with foreign firms.
He stressed that multinationals would get “equal treatment” with state-owned enterprises.
He added that China was well-placed to hit a growth target of 7.5 per cent this year, despite a “complex” economic climate.
China posted its lowest growth in two decades for the second quarter of 2013, and there had been some concerns that the world’s second-largest economy might be headed for a so-called “hard landing”.
However, Li sought to allay those fears by saying the Chinese economy was stable and had strong fundamentals.
“The foundation for an economic rebound is still fragile with many uncertainties ahead,” Li said in comments carried by the Associated Press news agency.
“China is now at such a crucial stage that without structural transformation and upgrading, we will not be able to sustain economic growth,” Li said.
The government has been undertaking key structural reforms, such as liberalising interest rates, allowing its currency to strengthen, and taking steps to reduce its dependency on exports.