Prime Minister Li Keqiang strongly believes that China can sustain its annual economic growth rate at seven percent if the government will take the necessary measures.

Prime Minister Li spoke on Tuesday, June 10 about the bright future of China's economy during a conference with various local and foreign business leaders.  Premier Li explained that although the economy is currently experiencing sluggish growth, there are still ways in which the economy can achieve significant growth, according to the Beijing Review.  

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The premier pointed out to his audience that central and western part of China largely remains untapped in contrast to the more developed Chinese cities and towns located in the coastal region.

China Daily quotes the prime minister saying that seven percent growth in the country's economy means an additional $800 billion inflow to China.

The Chinese prime minister made this speech while in Beijing attending a Global CEO conference. He told his audience about the government's commitment to maintain a "medium to high level" of economic growth.  Attendees at the conference included business heads in various industries such as finance, power, logistics, manufacturing, information technology, services and agriculture.

Prime Minister Li was candid enough to admit that foreign corporations doing business in China will likely encounter challenges, but he said China is gearing its economy for integration with the rest of the world.

According to Li, foreign investors and companies will help achieve China's economic growth target.  In return, the government will continue to liberalize its market, adopt investment friendly financial policies and make sure that intellectual property rights are protected by the law.

China's manufacturing and service sectors are set to be further liberalized to encourage more foreign companies to enter these two particular industries.

Many of the attendees were optimistic about the future economic condition of China following Li's speech. 

Goldman Sachs Group's CEO, Llyod Blankfein, said he believes that China is committed to liberalizing its economy based on the series of announcements made and economic policies set by the government.

Meanwhile on the same day, Chinese Vice Prime Minster Zhang Gaoli met with a group of foreign advisors to discuss how the government can successfully manage the country's pollution and adopt technologies that are friendly to the environment according to a Global Times report.

Tagschinese business, Global CEO Council Conference