Premier Li vows to deepen reform

Premier Li vows to deepen reform
President Xi Jinping (center) and Premier Li Keqiang (left), along with other State leaders, propose a toast at a reception on Monday to mark the 64th anniversary of the founding of the People's Republic of China.

China remains committed to deepening reforms in the pursuit of long-term and sustainable economic growth despite the difficulties and challenges ahead, Premier Li Keqiang said on Monday.

"China is at a crucial stage of economic restructuring and upgrading, and faces many difficulties and challenges," he said.

But "we will overcome those difficulties and challenges to deepen reform across the board for long-term, sustainable and sound economic growth and social progress".

Li's remarks came at a reception in Beijing to mark the 64th anniversary of the founding of the People's Republic of China and a day after the formal opening of Shanghai free trade zone, which has been hailed as potentially the boldest reform move in decades.

Amid intensified global economic downturn, China's economy slowed down in some quarters before stabilizing over the past few months.

"The Chinese economy, while maintaining overall stability, has shown good momentum for further growth," Li said. "We have the confidence, conditions and ability to meet the main targets projected for our economic and social development this year."

The government has set a growth target of 7.5 percent for 2013. And since early this year, it has stepped up efforts to prevent a sharp economic slowdown by rolling out a series of reforms.

"We have taken the transformation of government functions as an area where a breakthrough can be made in deepening reform," Li said. "We have redoubled our efforts to introduce reform measures in fiscal, taxation, banking, investment and financial areas in a timely and orderly manner."

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