The RCEP is a proposed free trade pact that would include 16 countries in Asia, encompassing 3.4 billion people and accounting for 29 percent of global economic output.
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Dialogue and cooperation is the golden key, he asserted amid maritime frictions China is involved in with a host of countries, including Japan.
China is making efforts to address volatility in its economy as it undergoes structural reform, including defences against systemic risks, said premier Li Keqiang on Thursday. The theme of this year’s conference is: “Asia’s New Future: New Dynamics, New Vision”.
Speaking at an annual forum in Boao on the southern Chinese island of Hainan, Mr Li said high economic growth rates were not sustainable, so the government would pay more attention to the quality and efficiency of economic growth.
Zhou said emerging economies should also increase communication and coordination on issues concerning capital outflows.
The vitality of Asia could come from the Internet economy and innovation, in which China has made impressive achievements as a model for other countries, said Laurenceson.
Premier Li’s speech boosts confidence in the Chinese economy, said Li Jianxiong, explaining that the Chinese economy will not “hard land” as feared by other countries.
“China is a responsible nation and there’s no possibility that our exchange range will depreciate in the long-term”, he said.
China plans to lay off millions of people as it restructures industries mired in overcapacity, but Mr Li said the government would “use market tools” to create new job opportunities to offset the effect. “Both the central government and local governments have already started doing this”, he said.
The Chinese government has fixed 6.5-7 per cent as the target for GDP this year.
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Yakov Berger, senior researcher with the Institute of Far Eastern Studies of the Russian Academy of Sciences, hoped that China could carry out reforms and ensure a sustainable growth not only in the short term but also in the long run.
