Premier Li Keqiang said China is committed to inclusive growth and employment is central to the success of this project in his keynote speech today at the opening of the World Economic Forum’s Annual Meeting of the New Champions.

Better known as Summer Davos, the forum is held in China’s northeastern port city of Dalian in Liaoning province from June 27 to 29.

“We’re making sure there’s at least one member of each family who gets a new job,” Premier Li said in his speech.

Of the country’s 1.3 billion population, there are 900 million in the labor force, including 13 million annual fresh college graduates together with a large number of surplus rural workers rushing to cities for jobs, Li said in his speech.

As the development of artificial intelligence may generate more robotics and automation that will replace workers, Premier Li said in the Q&A session that it would bring pros and cons.

He said under the so-called fourth industrial revolution more jobs will be created to boost opportunities for those who lose work to AI. These positions will come from expansion of e-commerce, entrepreneurship and innovation, especially in emerging delivery of services and a sharing economy.

This would bring a structural change in the labor force and serve people better.

Li Keqiang, Premier of the People's Republic of China during the Session: " Opening Plenary with Li Keqiang " at the World Economic Forum - Annual Meeting of the New Champions in Dalian, People's Republic of China 2017. Copyright by World Economic Forum / Benedikt von Loebell
Premier Li Keqiang answers a question at Summer Davos in Dalian, Liaoning province. Photo: World Economic Forum/Benedikt von Loebell via Flickr

Premier Li’s key points:
Inclusive growth
Sustainable economic expansion requires inclusive growth and employment is key to its success. Inclusive growth helps increase equal opportunities for economic participants.

Growth rate
The slowdown in GDP growth rate does not mean China’s economy is sliding, considering the total volume.

Structural adjustment and innovation
The economy must make structural adjustments and increase innovation to maintain economic vitality, but not stimulus. He said the government would stick to a proactive fiscal policy and a prudent monetary policy to ensure financial clarity and stability.

Foreign companies
China would open its market to the services and manufacturing sectors, and keep cutting red tape for foreign companies. He said domestic and foreign businesses will be treated equally.

Risks
The country is fully capable of managing financial market risks and no systemic risks exist now. There are rising geopolitical risks with the backlash against globalization. However, China would keep its promises to combat climate change and continue to cut domestic capacity in older industries such as steel.