WEF chairman Klaus Schwab (right) chaired the session. [Photo by Fu Jing/China Daily]

Li said China is in a period of transformation as it changes the rate of growth and he said the theme of the forum, mastering the fourth industrial revolution, has well-matched China’s future economic dynamics, which requires further investment in high-tech areas and a move up to the upper chain of global economy.

“We have called on the development of a innovative, green, balanced, inclusive and open approach,” Li said. He told delegates China will be taking more steps to engage with the rest of the world and build up an open economy.

During China’s presidency of G20, Li said the global economic players should tap into the potential to boost economic growth in long run after eight years of economic crisis, when the G20 members had focused on economic policy coordination. “We need to find new sources to boost global growth,” said Li. He urged countries to abandon protectionism in order to increase global trade flow, which has lagged behind the average speed of economic growth. Li also said China’s G20 presidency will help improve global economic governance in a bid to make it fairer and more inclusive. “We are paying special attention to the appeal of the most less-developing countries and African countries in that regard,” said Li.

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