DALIAN - China is confident of achieving the annual economic growth target of around 5 percent, Chinese Premier Li Qiang said Tuesday.

Li made the remarks when addressing the opening plenary of the 15th Annual Meeting of the New Champions, also known as the Summer Davos, in northeast China's coastal city of Dalian. 

The Chinese premier said the Chinese market is an open and massive market, promising to further optimize the business environment.

In the Chinese market, multinational corporations and local enterprises compete and collaborate on a level playing field, becoming key drivers in the creation and growth of emerging industries, Li said.

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"China is exerting efforts in building a market-oriented, law-based and internationalized business environment," Li said, adding that China is also eliminating unreasonable regulations that restrict market access and fair competition.

Li called on all countries and regions to work closely together, oppose bloc confrontation and decoupling, maintain the stability and unimpeded flow of industrial and supply chains, and promote trade and investment liberalization and facilitation

"We will promote the aggregation of various innovative elements to enterprises and vigorously encourage the outstanding entrepreneurship, to fully unleash the innovative potential of enterprises," he noted.  

The rapid rise of new industries in China lies in its unique comparative advantages such as its ultra-large market with a population of over 1.4 billion, complete industrial system, abundant human resources, diverse application scenarios, and consumers' high acceptance of new technologies, Li said.

Besides, the continuous emergence of economies of scale can effectively dilute the cost of enterprise innovation, accommodate different technological routes, and foster the growth of business models, Li added. 

Li also called on all countries and regions to work closely together, oppose bloc confrontation and decoupling, maintain the stability and unimpeded flow of industrial and supply chains, and promote trade and investment liberalization and facilitation.

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"Only through interaction, exchanges and complementing each other in opening up can we continuously expand the boundaries of development and blaze a trail for new frontiers," Li said.

The Chinese premier said facing challenges from the development of frontier technologies and industries, including regulatory conflicts and social risks, all countries and regions should coordinate development and governance and optimize related laws and governance frameworks to achieve more inclusive development.

Countries and regions should avoid engaging in trade protectionism under the guise of "promoting green and environmentally-friendly development", he added.

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Li said countries and regions should fulfill their respective emission reduction responsibilities and not delay the pace of green transition for the sake of short-term economic growth.

"The green transition itself holds immense potential for development. We should jointly promote the development of green and low-carbon industries and create more growth drivers for green economy."