The Chinese economy is not heading for a hard landing and will instead stick to its current path of reforms and create far-reaching opportunities for the whole world, according to the Chinese Premier Li Keqiang.
"We will maintain our strategic focus and continue to pursue a proactive fiscal policy and a prudent monetary policy," he said at the World Economic Forum at Davos.
"We will upgrade the structure of the economy to achieve better quality and performance."
Addressing an audience in his keynote address at the event in Switzerland, he detailed an array of reforms that the country is currently undergoing and would further achieve in the coming years. These included optimizing income distribution, encouraging entrepreneurship and reforms of its financial system like the liberalization of exchange rates. The internalization of the Chinese currency would be a long process, he later conceded.
China would promote free trade, economic co-operation, global value chains and new free trade zones, he added.
He said that the Chinese economy had now entered a "new normal" where development is moving to a "medium-to-high" level. Likening the Chinese economy to a train, he added that the train would "not lose speed or momentum" and will be powered with a stronger motor going forward.
"Regional systemic financial crisis will not happen in China. The Chinese economy will not head for a hard landing," he said, directly addressing concerns by some economists that the economy could face a significant fall in growth figures.
Premier Li Keqiang's visit to Davos this year is first time a Chinese leader has attended WEF Davos in five years, according to state-run Xinhua news agency, and comes as data showed that China's economy grew at its slowest pace in 24 years.
The annual expansion of 7.4 per cent in 2014 is the slowest since 1990, and the slowdown is expected to continue in coming years.