China needs foreign investment in its economic transition: Premier

Inflows of foreign investment could help drive China’s economic transition, said the Chinese Premier, Li Keqiang.

Mr Li made the remarks on Tuesday in a session with business executives at the Annual Meeting of the New Champions, an event organised by the World Economic Forum and this year held in Tianjin.

“The participation of foreign firms is needed in China’s efforts to push economic transition and upgrading through reform and innovation to realise sustainable healthy growth,” he said, quoted by Chinese state-run news agency Xinhua.

Mr Li pledged further to ease market access for foreign investment in China, adding foreign technology and the managerial expertise of foreign investors could help the development of Chinese firms and help the nation upgrade its industry.