Li emphasized that thefast growth of the Chinese economy over the past 30 years was a miracle in the history of development.

The Chinese economy had entered a phase of medium to high growth.

"Though lower than the near double-digit rates seen in previous years, a growth of 7.5 percent is still considered high for any major economy in the world," he said.

"China's economic size is considerably bigger than before. As the economy enters a phase of transformation, the slowdown of its prospective growth and moderation of the Chinese economy from a high speed to a medium to high speed are only natural.

"Confronted with downward pressures, China stayed committed to the overall policy of seeking steady economic progress.

"It took a host of innovative policies and measures with a holistic approach to pursue this steady growth, conduct structural readjustment and promote reform, which served to ensure a smooth economic performance.

"Seizing the growth potential and acting to address the need in reality, China has set a reasonable range of economic performance with a lower limit designed to ensure steady growth and job creation, and an upper limit that is meant to avert inflation. The limits are also seen as benchmarks for anticipatory regulation measures. "

Chinahad also developed a macro policy framework in keeping with the reasonable range of economic performance.

As long as the economy ran within the reasonable range, China would keep the macro economic policy stable, and focus on structural readjustment and shifting the growth model, he said.

"In this connection, what is essential is to advance reform and innovation, tap potential domestic demand, and unleash innovation motivation and reform dividends to boost market vitality

"Now the new season of the Chinese economic miracle, one of better quality and higher efficiency, is unveiled and even more exciting stories will come."

Li said:"Looking ahead, we see bright prospects for China's development. China is well placed to sustain a healthy economic growth in the long run.

"The process of industrialization and urbanization is far from being completed in China, which promises a big room for regional development and huge market potential; reform, an overriding trend that is irreversible and is bound to unleash fresh institutional vitality; and the hard work, talent and perseverance of the Chinese people, which will always provide the most important support for development.

"China will continue to grow the economy, improve people's living standards, uphold social justice, stay firm on the path of reform and opening-up and advance the cause of building socialism with Chinese characteristics."

He said that over the years the Chinese economy had benefited enormously from its opening-up policy. At the same time, China has become a major engine driving world economic growth and played an important role in responding to the international financial crisis.

In the next five years, China is expected to import 10-trillion US dollars of goods, invest 500-billion US dollars overseas and send more than 400-million tourists abroad.

"With its economic structure transformed and upgraded, China will contribute more to the prosperity and development of the world economy.

"China is ready to share this huge business opportunity with the rest of the world and hopes to have a better cooperation environment for its development."

Li said that in view of the difficulties and setbacks in the global economic recovery, members of the international community should increase coordination on macro economic policies as well as the readiness to cope with the cross-border financial risks, and help speed up the reform of the global economic governance.

"Developing countries should have greater representation and bigger voices in international affairs so as to minimize the adverse impact of the change of macro economic policies by some countries on the entire world economy, especially on emerging market economies.

"All countries should open wider to other countries, take a clear-cut stand against all forms of protectionism and work in concert to enlarge the pie of the world economy," he said. 

Innovations in diplomatic theory and practice

Recently, the Chinese State Councilor Yang Jiechi wrote an article on China's diplomatic theory and practice. The following is an abbreviation of the article.

Since early this year, China's new leaders have paid visits to major countries, neighboring countries, including emerging market economies and developing countries in Asia, Africa, Latin America, Europe and North America, and hosted visits by many foreign leaders.

These activities of bilateral and multilateral diplomacy both at home and abroad have enabled Chinese leaders to meet more than 100 foreign heads of state and leaders, which has effectively enhanced China's friendly exchanges and pragmatic cooperation with other countries.

Chinahas put forth many important strategic ideas on China's external affairs as well as diplomatic policies and principles, and taken a number of major diplomatic initiatives that have enriched and developed the system of diplomatic theory with Chinese characteristics.

Chinais putting forth the important thinking of the Chinese dream with profoundly enriched contents with a view to boosting exchanges and cooperation between China and the rest of the world.

During his trips abroad and meetings with foreign guests since the 18th Party Congress, President Xi Jinping has spoken on the important thinking of the Chinese dream, to achieve the great renewal of the Chinese nation.

Xi has pointed out the Chinese dream is shared by the Chinese people of all ethnic groups and cherished by each and every individual in the country.

The Chinese dream requires a peaceful and stable international and neighboring environment, and China is committed to realizing the dream through peaceful development. Since the Chinese dream is closely linked with the dreams of other peoples around the world, China is committed to helping other countries, developing countries and neighboring countries in particular, with their development while achieving development of its own. China will share more development opportunities with other countries to facilitate their efforts to realize their dreams. China hopes to see cooperation and common development with the rest of the world.

While working to realize the Chinese dream, the people of China are desirous of realizing the world dream through concerted efforts with people around the world.

Chinais putting forth the vision of building a new model of major-country relationship between China and the United States while striving to advance relations with other major countries to bring about sound interaction and cooperation with major countries.

The thinking is a strategic choice made based on a full review of the experience and lessons of history, a correct reading of the trend of the times and a need to integrate China's interests with those of other countries.

It is also the inherent requirement of the "two centenary goals" and the inevitable demand for our overall strategy of peaceful development. To strike a balance between upholding justice and seeking interests is at the heart of traditional Chinese culture and a moral benchmark observed by the Chinese nation for centuries.

This important principle governs both personal conduct and China's relations with other countries.

Inheriting the fine traditions of Chinese culture and the diplomacy of New China, as well as keeping in mind the new tasks in the new period of China's relations with other developing countries and its neighbors, Xi underscores the need to adopt the right approach to upholding justice and seeking interests in growing relations with these countries.

Politically, China should uphold justice and fairness as a guiding principle. Economically, China should pursue mutual benefit and common development. In growing relations with our neighbors and other developing countries that have long been friendly towards China, yet face daunting challenges in development, it will accommodate their interests rather than seek benefits at their expense or shift troubles unto them.

During his visit to Africa, Xi had discussions with African leaders, in which he expounded on China's Africa policy and stressed China's commitment to cooperation with Africa with sincerity, real results, affinity and good faith. In particular, he emphasized the win-win nature of China-Africa cooperation.