China to keep pushing reforms, premier assures business executives

Premier Li Keqiang said China will only open wider to the world, and US businesses will find a larger market share in the world's second-largest economy.

Speaking with academics and business leaders on Tuesday at the Waldorf Astoria in New York, Li said China would continue to push for reforms such as streamlining administration, delegating more power and strengthening protection of intellectual property rights to create a better environment for foreign investors.

"China's door, once open, is unlikely to be closed," he said in a roundtable discussion moderated by Michael Bloomberg, the three-term former mayor of New York City and founder of financial news service Bloomberg LP.

China and the United States not only have stable political ties, but also enjoy close business cooperation, Li said.

"There exist tremendous investment opportunities between China and the US," Li said. "I believe American businesses will find a larger and larger market in China."

The premier said he hopes the US will ease its controls on the export of high technology products, and that the two countries will reach a high-level, win-win bilateral trade agreement soon.

He said China is a firm defender of free trade and is committed to supporting efforts to advance trade liberalization within the framework of the World Trade Organization.

The premier said it is only natural that there have been some differences between the world's largest and second-largest economies, given their different cultural and national conditions.

"In spite of rain and wind, there is always a clear sky after the rain," Li said.

Other participants in the discussion included former US secretary of state Henry Kissinger, former US Treasury secretary Henry Paulson, Blackstone CEO Stephen Schwarzman, Columbia University President Lee Bollinger and TV journalist Charlie Rose.

Bloomberg, who is also chairman of the Working Group on US RMB Trading and Clearing, kicked off the discussion by saying that China and the US benefit from each other's successes.

"When we work together, extraordinary things really are possible, and the global climate agreement reached in December in Paris is a very good example of the cooperation between both countries. It would not have been successful without the leadership by both China and the US and without the leadership by cities and businesses in both countries," he said.

Bloomberg also praised Li for helping to guide China through "one of the most dynamic moments in its history, one that has really been extraordinary to watch".

"China's economic growth has improved millions of lives, and I want to congratulate Premier Li and his team here for all they've done to make that possible."