China to continue opening up to aid economic transition: Premier

TIANJIN - China will continue opening up its service and general manufacturing sectors and keep the renminbi generally stable within a reasonable and proper range, Chinese Premier Li Keqiang said Monday.

China will open wider to the outside world, improve its open economy, further open up the service and general manufacturing sectors and build a fairer, more transparent and predicable investment environment for foreign investors, Premier Li said while addressing the opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos.

China will give equal treatment to domestic and foreign businesses alike, Li added.

China will maintain a managed floating foreign exchange mechanism that is market-based and adjusted in reference with a basket of currencies, Li said, adding that Chinese economic fundamentals eliminate the possibility of long-term yuan devaluation.