China reforms likely to be slow and steady: Analysts
DALIAN (AFP) - Business executives and analysts on Thursday welcomed Chinese Premier Li Keqiang's pledges of reform during his inaugural speech at the World Economic Forum's "Summer Davos" meeting, but warned the process will be slow and incremental.
Mr Li, who took office six months ago, delivered a message of change in the world's second-largest economy to global business leaders gathered in Dalian, in north-eastern China.
"China's modernisation will not be accomplished without reform, nor will it be achieved without opening up," he said.
He pledged China would make its yuan currency freely convertible and allow bank interest rates to be set by the market - but did not give any timetable for the moves.