Premier Li Keqiang says China will endeavor to maintain medium-high growth over the long run, and pay attention to the quality and benefits of development.
" We will follow the vision of innovative coordinated green open and shared development. Development will be our top priority. And we will also pay attention to the quality and efficiency of economic growth so as to build a dynamic engine that will ensure that the Chinese will maintain medium to high speed growth and move towards the medium-to-high end."
China has set a growth target range of 6.5 percent to 7 percent for 2016.
Premier li says small economic fluctuations will be inevitable as the country readjusts its economy, and the country is faced with huge challenges as it deals with domestic downward pressure and a sluggish recovery of the global economy.
He notes that Beijing will not shy away from difficulties, and the government will enact new measures as needed.
" In terms of fiscal policies, we still have policy tools in implementing a proactive approach. Our debt ratio is not high. The debt to GDP ratio at the central government level is only 17 percent. We still have policy flexibility. We also have high savings rate. We also have the room for developing capital market at different levels. We also have new tools of regulating the financial sector. "
The Chinese government's plan aims to actively foster new growth drivers while transforming and upgrading traditional ones, creating "twin engines" to propel China's development.
The premier says China's stable growth requires new momentum that comes from opening up, structural adjustments, and improvement of people's livelihoods.
"We will focus on cutting overcapacity of industries suffering economic difficulties such as steel and coal and cultivate new growth points to develop the new economy and promote mass entrepreneurship and innovations in order to implement an innovation-driven strategy. It requires us to further promote the service industry, hi-tech industry, medium, small and micro-sized enterprises and private enterprises."
During the meeting, the premier also proposed to establish an Asian financial cooperation association to improve markets and prevent financial turmoil.
He pointed out Asia is home to the largest number of emerging economies.
Developing countries in the region recorded average growth of 6.5 percent in 2015, contributing about 44 percent of the world's total growth.
He urges countries in the region to foster further growth momentum, and play a more important role in the economic recovery of Asia itself and the world at large.
This year's Boao Forum, held in China's southernmost province of Hainan, is themed "Asia's New Future: New Dynamics and New Vision."
More than 2,000 participants from over 60 countries and regions are attending the forum.
The conference will run until March 25th.
