Chinese premier pledges deepened reform, wider opening-up

DAVOS, Switzerland, Jan. 21 -- Premier Li Keqiang vowed here on Wednesday to advance China's comprehensive reform and open the country wider to foreign investors.

Li made the pledge when meeting with representatives of the International Business Council of the ongoing World Economic Forum (WEF) in Davos, the Swiss mountain resort.

China will continue to push ahead with its reform in key areas in 2015, with the priority being properly handling the relationship between the government and the market, Li said.

"The biggest stimulus for China's economic growth lies in people's pursuit of a better life as well as the reform and opening up," Li told his audience.

He promised that China will carry out deeper and wider reform in its administrative approval system to stimulate market vitality and create a better environment for fair competition.

China, Li said, will also promote the development of inclusive finance, develop multi-level capital market, support small and medium-sized banks and private banks, and lower the corporate leverage gradually through the development of the capital market and direct financing.

China will advance its ongoing reform in fiscal, tax and key financial areas, Li pledged, adding that his country is to further relax foreign investment access and open its service industry wider to the outside world.

"China welcomes foreign investors," Li stressed.

Li arrived here on Tuesday for the WEF annual meeting in Davos and a working visit to Switzerland.

Over 2,500 participants from more than 140 countries, regions, international organizations, academia, civil society and the media are attending the annual gathering, where issues like global economy, environmental protection and non-traditional security are discussed.