Premier Li Keqiang's speech at Summer Davos opening ceremony (3)

We will step up science and technology innovation. The Chinese economy is among the largest in the world, but in many sectors China still ranks fairly low and its traditional, extensive way of seeking growth has been proved unsustainable. Readjusting the structure must be driven, more than ever, by science and technology progress, and that requires strategic, structural, and innovative readjustment. We will support and provide guarantee to certain sectors and curb and scale back some others, cultivate and promote new products and new businesses and speed up the development of service, high technology and emerging sectors. At the same time, we will phase out overcapacity, accelerate the transformation of traditional sectors and eliminate outdated capacity so that Chinese products and China's service sector can move up the global value chain and more value could be created through innovation. We must invest more in human capital and increase the ranks of high-caliber workers. We will improve the technological sophistication, quality and brand awareness of Chinese industries. In particular, we need to step up reforms to remove restraints on innovation by individuals and companies. When the talent of all, or at least most of the nearly 200 million professionals and skilled workers is brought to the full, a new pattern of innovation by the people and innovation by all, supported by the massive physical and mental power of the people and the strength of China's manufacturing and creative capability, will be fostered. This, coupled with the development of advanced and even revolutionary technologies, will create more value and move China's development to a higher level.

China faces uneven development between its urban and rural areas and among its different regions. But the existing disparity, which is quite striking, can entail a huge potential. Promoting a people-centered, new type of urbanization will be in itself the biggest structural readjustment. We will seize opportunities brought by technological advances and global industrial revolution to speed up the development of such schemes as "broadband China" and "smart cities", leverage the role of cities across the country in galvanizing hinterland development, promote urban-rural integration and a gradient development of different regions and bring about a synchronized progress of the new type of industrialization, IT application, urbanization and agricultural modernization. At the same time, we will vigorously develop programs related to people's wellbeing, promote equal access to basic public services and strengthen social security, including providing security to those who failed in their entrepreneurial endeavor to help them restart businesses. We will continue to increase household consumption and make sure that greater internal demand could serve as a new power to drive economic growth.

The Chinese economy, now heading toward further growth, is also being weighed down by increasing resources and environmental constraints. It is imperative for us to enhance energy conservation and environmental protection. Tackling climate change is not only our binding international obligation as a major responsible country, but also the pressing need for our own development. There is no turning back in China's commitment to a sound eco-system. We have declared war on pollution and earnestly fulfilled our due international responsibilities. We are studying the action targets on greenhouse gas emissions control, including the peak of CO2 emission, the carbon emission intensity reduction and the increase in the share of non-fossil energy by 2030 and beyond. We have the resolve, the will and the capability to pursue green, circular and low-carbon development. We will keep focusing on scientific and technological innovation and make hard and unremitting efforts to step up environmental management, boost the development of energy conservation and environment protection sectors, fulfill the task of energy conservation and emissions reduction, and work with other countries to effectively address global climate change.

Ladies and Gentlemen,

We now live in an era defined by deepening economic globalization, with countries increasingly depending on one another in interests and sharing their destinies closely. The world needs China, and China needs the world. China's endeavor to realize the two centenary goals (namely, to complete the building of a moderately prosperous society in all respects when the Communist Party of China celebrates its centenary in 2021, and to turn China into a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious when the People's Republic of China celebrates its centenary in 2049) and the Chinese dream of the great renewal of the Chinese nation will present great development opportunities and a huge market to the world. Instead of "I win, you lose" or a "zero-sum game", we need win-win or all-win, which ensures mutual benefit. Only in this way could the world prosper and advance forward. China is resolute in following the path of peaceful development. China is a defender and builder of the existing international system and is dedicated to maintaining an overall environment of peace and stability. We call for observance of the basic norms governing international relations and believe that regional conflicts and hotspot issues should be solved peacefully and politically through dialogue. We stand ready to deepen cooperation with our Asian neighbors, properly handle differences as there may be, maintain the overall interest of stability and security and uphold the order of peace. We advocate the building of an open, fair and integrated global market and support the establishment of both multilateral free trade arrangements and bilateral FTAs, in order to build a high-standard FTA network that is globally oriented. We oppose protectionism in all its forms and do not favor fighting trade wars. We will continue to pursue a more proactive strategy of opening-up and improve the open economic system. We will focus on stabilizing export and actively expanding import. We will move faster to bring greater openness in the service sector, as well as China's areas bordering other countries and its vast central and western regions. We will follow a stable and more open policy on foreign capital. We will continue to improve and standardize the business environment, in order to attract more foreign businesses and investment and draw upon and adopt the advanced technologies, mature managerial expertise and fine cultural achievements of other countries. China will always be a major country committed to learning from others and to being open and inclusive. Acting on the basis of its actual conditions, China will strive to become a major country driven by innovation.

As the saying goes, great vision that makes a country prosper is but the result of collective wisdom. In other words, wisdom comes from the people. In the same line, the massive entrepreneurship and innovation by all, as I emphasized earlier, will generate enormous power. Today more than any other time, we need reform and innovation and the sharing of the result of reform and innovation. To use a Chinese idiom, the fire will burn higher when everyone adds wood to it. I hope that all our distinguished participants will speak up your minds, jointly explore ways for reform, innovation and open development, share your views on how to create value and achieve mutual benefit, and do what you can to help China's economic development and world prosperity and progress.

Let me conclude by wishing this Summer Davos a complete success, and I wish all of you a successful Forum and very good health!

Thank you.