Premier says confident of achieving major economic targets in 2014

China has all the confidence, ability and resources to realize its major economic and social goals for 2014, despite recent sluggish momentum, Premier Li Keqiang said on Wednesday.

In a keynote speech at the opening of the Summer Davos forum, Li promised China would continue to coordinate efforts to stabilize growth, promote reform, readjust structure, improve people's livelihoods and prevent risk for the rest of this year.

China has targeted its gross domestic product (GDP) growth at around 7.5 percent and the consumer price index (CPI) at about 3.5 percent for 2014. It also aims to add 10 million more urban jobs, and keep the registered urban unemployment rate at a maximum 4.6 percent this year.

"We will continue to ... carry out reforms in key areas of systemic importance with every determination to forge ahead and bear long-term interests in mind when addressing current problems," said the premier.

The government will continue to streamline administration and delegate powers to the lower levels, further fiscal and taxation reform, improve the budget management system, and continue to expand the pilot program to replace business tax with value-added tax (VAT).

China will deepen financial reform, promote pilot programs for private banks, and develop a multi-tiered capital market. It will also continue reform of state-owned enterprises.

The government will improve pricing systems for energy products, medicine and medical services. It will also implement government purchase of service contracting, public-private partnership models and franchise operation system.

The premier said his government would continue to increase supply of public goods to generate effective demand with a view of making up the weakness of falling investment. It will continue to boost household consumption and create new growth areas.

Li also vowed to further scale up support for the real economy and emerging industries and businesses, for more benefit of rural areas, agriculture and farmers, as well as micro-businesses and the service sector.

"These efforts are aimed at turning the gains of reform into new dynamism of development that would bring more benefit to the people," the premier added.