China capable of tackling risks confronting its economy: Li Keqiang

BEIJING: China is capable of tackling various risks confronting its economy with courage and wisdom to realise sustainable, healthy development in the long term, Premier Li Keqiang said today.

"I would not deny that we'll meet various risks and challenges in the future, but we have the courage to stay calm and the wisdom to address the problems," Li told visiting business representatives who came to attend the Annual Meeting of the New Champions 2013, also known as Summer Davos in Dalian city.

Instead of adopting short-term stimulus measures to lift the economy, China has stayed calm and taken a more holistic approach, especially stressing the importance of reforms, economic restructuring and market vigour, to boost slowing growth, Li said.

Chinese economy decelerated to 7.5 per cent in the second quarter sparking concerns that it might miss the annual growth target of 7.5 per cent for this year.

The economy, however, looked up with rise in exports in August raising hopes of a turnaround.

The efforts have gradually paid off, Li said, citing August's improving economic indicators, such as the Purchase Managers' Index, industrial profits and power consumption, as evidence of a firming economy.

This year's forum, themed 'Meeting the Innovation Imperative', will feature interactive discussions on issues ranging from sustainable growth and energy security to trade and investments.

Li will deliver a keynote speech at the opening ceremony of the forum tomorrow.