BOAO, Hainan, April 10 -- China has the capabilities and confidence in keeping its economy functioning within the proper range, Premier Li Keqiang said Thursday at the opening ceremony of the Boao Forum for Asia (BFA) annual conference 2014.

"With all the principles established and policy options at our disposal, we can handle all possible risks and challenges. China's development has strong resilience," Li said in a keynote speech at the opening ceremony.

China has set this year's target of economic growth at about 7.5 percent. "The word 'about' indicates that there is a range for the GDP growth," Li said.

As long as there is fairly sufficient employment and no major fluctuations, the actual GDP growth will be considered to be within the proper range, be it slightly higher or lower than the target, he added.

"The Chinese economy has got off to a stable and good start," Li said.

Statistics showed that urban employment continued to increase, individual income, corporate profits and fiscal revenue registered steady growth and consumer prices remained stable.

As China's economy continued to grow at a slow pace last year, China has gained experiences in exercising macroeconomic regulation, the premier said.

China's economy expanded by 7.7 percent last year, which was the same rate as the previous year and the lowest pace since 1999, data from the National Bureau of Statistics showed.

"We will not resort to short-term stimulus policies just because of temporary economic fluctuations and we will pay more attention to sound development in the medium and long run," according to the premier.

This year's annual conference runs from Tuesday to Friday under the theme of "Asia's New Future: Identifying New Growth Drivers".

As an international non-governmental organization, BFA is a platform for government, business and academic leaders in Asia and other continents to share opinions on pressing issues in the region and the world.