China's reform a chance for transnationals

BEIJING - Chinese Premier Li Keqiang on Wednesday said China's reform and opening-up will provide opportunities for transnational corporations.

Li made the remarks while meeting with CEOs and presidents of some world's top corporations such as Volkswagen, IBM, Schneider Electric, Siemens, Nokia and Standard Chartered Bank, in Beijing for the 2nd round table summit of the Global CEO Council.

Li said China's development must rely on reform and innovation, and the key is the relationship between the government and the market.

He vowed to cut more red tape and delegate power to lower levels, ease market access, and increase the supply of public goods. He also pledged to deal with counterfeiting and intellectual property rights violations, create a fair market environment and inspire innovation.

The premier said China needs to transform to realize sound economic growth, free up energy and resources, give more financial support to the real economy and maintain financial security.

The CEOs and presidents discussed China's economic development, reform, financial cooperation and energy saving.

The summit is hosted by the Chinese People's Association for Friendship with Foreign Countries.