Chinese Premier Li Keqiang has said that China is ready to face all the economic challenges the could come its way. He said that the country's economy is robust and is expected to maintain steady growth.

China is also looking to speed up its economic growth rate by transforming its main source of revenue. The country is making a transition from production-based economy to consumption-based one.

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Li addressed the Sixth China and Central and Eastern European (CEE) Countries Economic and Trade Forum in Riga, Latvia this week. He offered updates about the Chinese economy to the audience.

Li said that China is taking a proactive approach towards its fiscal policies. The country is also adopting a prudent monetary policy, to avoid the possibility of economic bubbles.

The Chinese Premier stated that the country is also adopting new types of macroeconomic regulations to meet the demands of the changing economic scenario. China is also employing "market-oriented and rules-based methods" to keep the economy stable.

Li said that the country is optimistic about maintaining its "medium-high" growth rate. According to data released in October, the Chinese economy grew by 6.7 percent during the third quarter, consistent with the previous quarter.

The Chinese economy has been buoyed by support from increased government spending and the country's booming real estate market. However, China is still dealing with its stagnating export market front. Its overpriced housing market is also a point of concern. 

TagsLi Keqiang, China and Central and Eastern European (CEE) Countries Economic and Trade Forum, Latvia