'Silver bullet' in absence, 'China prescription' to global challenges under limelight in Davos

Davos used to be a destination for lung disease patients for its pleasant microclimate. But it gradually lost charm after the invention of penicillin. [Special coverage]

Now, a new "penicillin" is needed to address such global challenges as laggard economic recovery, regional conflicts and terrorism, Chinese Premier Li Keqiang said here Wednesday at the annual meeting of the World Economic Forum (WEF).

But as a magic healer is not readily at hand, the suggestions and actions of China, the world's second largest economy, can be a timely injection of confidence and encouragement for the world to stay healthy and composed.

CHINA PRESCRIPTION

The world is filled up with uncertainties, and at the same time full of hope, Li told his audience.

China calls for safeguarding peace and stability in facing complicated international situations, Li said, adding that effective and widely-recognized international orders should be guaranteed rather than breached, or "prosperity and development are just out of the question."

China believes that different cultures, religions and peoples should respect each other, learn from each other and be tolerant, Li added.

Meanwhile, Li noted that China calls on countries to promote opening up and innovation, strengthen international coordination at macro-economic levels when formulating policies in accordance with their own national conditions.

All countries should oppose protectionism and expand regional economic cooperation, Li said.

The international community is advised to vigorously advance structural reforms, join forces in the innovation drive, and be ready for the coming of a new revolution of science and technology.

CHINA PLEDGE

During his speech, Li admitted that the Chinese economy still faces relatively large downward pressure in 2015, but vowed that the country will stay composed in its strategic development and not flood the economy with money.

More attention, said the Chinese leader, will be placed on the preset adjustment and fine tuning of the country's policies, as well as directional regulation and control, so that economic operation will be within a reasonable range.

China will also promote the liberalization and facilitation of trade and investment, and further open up the service and capital markets, as well as the central and western part of the country, Li said.