Business executives and analysts on Thursday welcomed Chinese Premier Li Keqiang’s pledges of reform during his inaugural speech at the World Economic Forum’s “Summer Davos” meeting, but warned the process will be slow and incremental.
Li, who took office six months ago, delivered a message of change in the world’s second-largest economy to global business leaders gathered in Dalian, in northeastern China.
“China’s modernisation will not be accomplished without reform, nor will it be achieved without opening up,” he said.
“Without structural transformation and upgrading, we will not be able to achieve a sustained economic growth.”
He pledged China would make its yuan currency freely convertible and allow bank interest rates to be set by the market -- but did not give any timetable for the moves.
Li’s remarks came before a key Communist Party meeting in November but analysts said a “big bang” approach to change was off the table.