2011-January-11 08:53 | Shenzhen Daily

CHINA was committed to expanding domestic consumption and would continue on its path toward a more open market, Vice Premier Li Keqiang said yesterday.

“Reform and opening up are the driving forces behind our development. China will be steadfast in promoting reform,” Li wrote in an opinion piece published in the British Financial Times yesterday.

Li said China’s economy grew by around 10 percent in 2010, with retail sales up 18.5 percent, showing that domestic consumption was a key engine of economic growth.

“China needs to stabilize and expand external demand. At the same time, and more important, it will boost domestic demand,” he wrote.

“We welcome the entry into our market of competitive goods and services from around the world, and will provide a fair and even more transparent environment for foreign investors.”

Li also said China was committed to cutting its energy consumption and developing green technology.

“China will vigorously develop the green economy and low-carbon technologies to bring down significantly energy consumption and CO2 emission per unit of GDP,” he wrote.

Scotland and China signed a US$10 million renewable energy technology licensing deal Sunday at the start of Li’s four-day state visit to Britain.