BEIJING, Sept. 12 (Xinhuanet) -- The World Economic Forum’s 7th Annual Meeting of the New Champions 2013, known as the "Summer Davos", has begun in China’s northeastern city of Dalian.

This year’s theme is "Meeting the Innovation Imperative". Talks will focus on unleashing innovation, transforming industries and connecting markets. During the opening ceremony, Chinese Premier Li Keqiang spoke about the Chinese economy.

He described it as having stable foundations, and being at a crucial stage of transformation and upgrading. He explains that the government first focused on reforming the administrative system in order to delegate power and stimulate the financial market.

He says as long as the economy moves forward at a steady pace, China will maintain stable macro economic policies, while concentrating on shifting its growth model and on structural readjustment.

"China is now at such a crucial stage that without structural transformation and upgrading, we will not be able to achieve sustained economic growth. In readjusting the structure, the most important aspect is to expand domestic demand, and a major task is to pursue a balanced development between urban and rural areas and among different regions. We will rely mainly on industrialization, a new type of urbanization, IT application and the modernization of agriculture and focus on developing the service sector which is of strategic importance," Li Keqiang said.

(Source: CNTV.cn)