Reform, opening-up essential for China's modernization

Chinese Premier Li Keqiang said on Wednesday that China's modernization will not be accomplished without reform, nor will it be achieved without opening-up.

Li made the remarks while addressing the opening ceremony of the three-day Summer Davos in the northeastern port city of Dalian.

"Reform and innovation provide an inexhaustible driving force for a country's development," he said.

The premier gave the audience a brief introduction on what the government has done to vigorously reform the administrative system with focus on transforming government functions and explore new ways to open China wider to the outside world.

"In the world today, the trend towards economic globalization, a multi-polar world and IT application is gaining momentum," he said.

In the next five years, China is expected to import 10 trillion U.S. dollars of goods, invest 500 billion U.S. dollars overseas and send over 400 million tourists abroad, according to the premier.

With its economic structure transformed and upgraded, China will contribute more to the prosperity and development of the world economy, Li said, adding China is ready to share this huge business opportunity with the rest of the world and hopes to have a better cooperation environment for its development.