Premier stresses transformation of the economy (2)

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"The economy is fundamentally stable, and the trend is positive," Li said.

As long as the major economic indexes are in a reasonable range, the macroeconomic policies will remain fundamentally stable, focusing on transformation of the economic growth model and adjustment of the economic structure, he said.

"Looking forward, China's development has a bright future. China has full capability and the conditions to maintain sustainable and healthy growth in the long term."

The government has set the full-year's GDP growth target at 7.5 percent with an inflation at less than 3.5 percent.

Li said that expanding domestic consumption, especially in services, will be the key part of the economic transformation, and balancing regional development and narrowing the gap between urban and rural areas will be a major task.

As part of efforts to push the transformation, China will foster new growth areas in domestic consumption, investing in sectors such as new energy, urban infrastructure and railways in central and western areas and promoting growth in services including health, culture and education, he said.

While reiterating that the country will achieve the main growth targets this year, Li also warned that the fundamentals for China's economic recovery are still fragile.

"The potential growth is set to slow down ... China's future growth must be based on improvement of quality and efficiency," he said.

He pledged to improve the investment climate and create an environment in which all players have equal access to production and legal protection.

Liu Yuanchun, associate dean of the School of Economics at Renmin University of China in Beijing, said the premier's speech signals his determination to deepen structural reform.

"The policy stance of Premier Li has been consistent, emphasizing restructuring, promoting transformation and stabilizing growth," Liu said.

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