Vice-Premier: Reforms are at 'a key stage'

Vice-premier sets out targets and goals for further economic growth

China has entered a crucial stage in reforming the economy and will continue to strive to achieve breakthroughs in key areas, Vice-Premier Li Keqiang said on Sunday.

Reforms will be given added bite in critical sectors, including taxes, finance, prices and income distribution, Li said in a speech at the China Development Forum 2012.

"China has entered a crucial stage in shifting its economic model and cannot be delayed. Reforms have entered a key stage," he said.

Li said the overall trend of the economy remains positive with sound economic fundamentals, but it must overcome structural barriers and change the "unbalanced, uncoordinated and unsustainable" growth model.

China will make policies "more targeted, flexible and forward-looking" to maintain relatively fast economic growth and keep prices stable, he said.

The market will play a bigger role in allocating resources and ironing out any inefficiencies.

Boosting domestic demand, enhancing innovation and further opening up will be the three key priorities for the country as it restructures the economy, Li said.

Vice-Premier Li Keqiang emphasizes a point during talks with Christine Lagarde, International Monetary Fund managing director, at the China Development Forum 2012 in Beijing on Sunday. Feng Yongbin / China Daily