New Chinese leadership vows to accelerate economic reforms

Chinese Premier Li Keqiang today vowed to accelerate the shift in the world's second-largest economy's growth model by rebalancing its export-dependent regime into one driven by domestic consumption.
"Development is our top priority. We will accelerate the shift in growth model, intensify economic restructuring and make vigorous efforts to boost domestic demand," Li said addressing his first National Day reception attended by Beijing-based diplomats from different countries.
China celebrates its National Day tomorrow, which will be the first under the new leadership headed by President Xi Jinping.
Concerns mounted both home and abroad as Chinese economy contracted to 7.5 per cent in the second quarter, way behind the double-digit growth posted until 2010.

The new leadership launched a slew of economic reforms including the launching of a first Free Trade Zone in Shanghai to boost trade and investment, specially from abroad.
In the reception at the ceremonial Great Hall of the People, Li promised to build a "law-based government" so that "all types of market players can compete and develop in a fair, transparent and predictable environment".

Envoys from 22 countries attended the reception.
Li said China has achieved remarkable progress in its economic and social development, which has made a positive contribution to world peace and development.
China will firmly adhere to the path of peaceful development and deepen friendly cooperation with other countries on the basis of mutual respect and mutual benefit in order to create an environment for peaceful cooperation, he said.