January 10, 2011 / 4:53 AM / 8 years ago

China committed to more open market- vice premier

LONDON, Jan 10 (Reuters) - China is committed to expanding domestic consumption and will continue on its path towards a more open market, a top Beijing official said on Monday.

“Reform and opening up are the driving forces behind our development. China will be steadfast in promoting reform,” China’s Vice Premier Li Keqiang wrote in an opinion piece published in the Financial Times on Monday.

Li said China’s economy grew by around 10 percent in 2010, with retail sales up 18.5 percent, showing that domestic consumption is a key engine of economic growth.

“China needs to stabilise and expand external demand. At the same time, and more important, it will boost domestic demand,” he wrote.

“We welcome the entry into our market of competitive goods and services from around the world, and will provide a fair and even more transparent environment for foreign investors.”

Li also said China was committed to cutting its energy consumption and developing green technology.

“China will vigorously develop the green economy and low-carbon technologies to bring down significantly energy consumption and CO2 emission per unit of GDP,” he wrote.

Scotland and China signed a $10 million renewable energy technology licensing deal on Sunday at the start of a four-day state visit to Britain. [ID:nLDE7080BB]

Li, widely tipped to become the next Chinese premier, will meet Prime Minister David Cameron and other senior government ministers on Monday. The visit has been planned to drum up trade and establish political links in Britain and other European countries.

(Writing by Caroline Copley; Editing by Kim Coghill)

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