Chinese Premier Li Keqiang addresses the opening ceremony of the annual Meeting of the New Champions, also known as the Summer Davos Forum, in China's northern coastal city of Tianjin, on June 27, 2016. This year's meeting carries the theme: "The Fourth Industrial Revolution and Its Transformational Impact." [Photo: CRIENGLISH.com]

Chinese Premiere Li Keqiang says that promoting a worldwide economic recovery requires active implementation of structural reform, "Solutions to those long-standing and deep-seated global economic problems lie in better demand management as well as further structural reforms. It is how we cure the illness of the world economy. Different countries have different conditions; but the solutions are similar, with the focus put on measures designed to advance financial and fiscal reforms; loosen up restrictions while encouraging competition."

He made the remarks addressing the opening ceremony of the "2016 Summer Davos Forum" in Tianjin on Monday.

The premier also says overcapacity is a global issue. China has already taken positive actions to reduce it which shows that China is a responsible country.

He previously highlighted reform and innovation to upgrade growth on the sidelines of the forum, urging big state-owned companies to make good use of innovation and entrepreneurship in order to take a lead in the market.

This year's Summer Davos Forum is being held at the Meijiang Convention and Exhibition Center in Tianjin until Tuesday, themed "the fourth industrial revolution and its transformational impact."