Economy

Chinese vice premier reemphasizes transformation of growth pattern

(Xinhua)
Updated: 2010-05-26 10:05

BEIJING - Chinese Vice Premier Li Keqiang said Tuesday China must accelerate its transformation of economic growth pattern as the global economy was undergoing structural changes.

Li made the remark when he met with members of the International Advisory Council of the China Development Bank (CDB) in Beijing.

Li briefed the advisory council members about China's economic situation and its macroeconomic policy.

He said China had to advance its economic restructuring while continuing the process of reform and opening, to improve people's livelihoods and to enhance the vitality, competitiveness and sustainability of the economy.

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Li said the world economic recovery was still fragile and faced a great deal of instability and uncertainty. He said the international community should further enhance policy coordination and improve the financial supervision system.

The International Advisory Council of the CDB was established in 1999. It consists of notable figures from political, financial and academic circles around the world, including former Australian Prime Minister Paul Keating.

The advisory council members were in Beijing for an annual meeting focusing on global economic and financial situation, the international financial crisis and the CDB's role in economic recovery.

During the meeting with Li, Keating relayed his appreciation of China's success in maintaining stable and fast paced economic growth and contributing to the recovery of world economy.

Keating said over the years, the advisory council members had come to realize that the CDB was a rare and valuable institution. He expressed willingness to further expand links between the CDB and institutions outside of China.