The World Economic Forum’s Annual Meeting of the New Champions has officially started in the northern Chinese city of Tianjin and Premier Li Keqiang got things going by delivering a speech during the opening ceremony.

More than 1,500 leaders of businesses, governments and research institutions from over 90 countries have gathered here for the World Economic Forum under the theme “Creating Value through Innovation”. Premier Li was on hand for the event and referred to China’s reforms and opening up as a “grand innovation” during his keynote speech at the opening ceremony.

“We should make good use of the golden key of innovation, and promote innovations in institutions, technology and science. By doing so, we will be able to maintain a medium to high growth rate, and upgrade the Chinese economy as well.” said Li Keqiang, Chinese Premier.

There have been concerns about the Chinese economy because of indicators that suggest declines in exports and real estate. However, Premier Li says the Chinese economy will not be overly influenced by the sporadic volatility.

“We will maintain our macro control over the Chinese economy. As long as the growth rate is around 7.5%, some fluctuations are normal. We will actively prevent larger fluctuations from happening, and China will not run into a hard landing.” said Li Keqiang, Chinese Premier.

Li also stressed the deepening of reforms both inside the government and in the private sector. Li said during his speech that the government must define the scope of what it should do in order to prevent power abuse. He also said that the country should clearly define a “negative list” for companies so companies are free to enter sectors that aren’t on the list.