Chinese PM vows to advance reforms to boost economy

The Chinese Government will make greater efforts to advance reforms that will play an important role in consolidating the Chinese economy, Premier Li Keqiang has said.

Li, who was presiding over an executive meeting of the State Council, China's Cabinet, said that the country should be aware that the foundation of the current economic recovery is not yet solid and there were still many risks and challenges.

According to China Daily, Li made the remarks as data from the National Bureau of Statistics showed the world's second-largest economy was expanding at 7.8 percent year-on-year in the third quarter, accelerating from the second quarter's 7.5 percent.

China has been following an overall stable monetary and fiscal policy this year, despite a complex global climate and downward pressure on the economy.

Instead, the government has been promoting reforms such as measures to streamline administrative procedures, facilitate investment and trade, and market-led interest rate reform, the report said.

Li urged the relevant departments and regions to make sure such reforms are fulfilled so as to build a solid foundation for future development, it added.