Premier Li says China needs to maintain reforms for financial stability

DALIAN, China (REUTERS) - China needs to maintain reforms in many areas to ensure its financial stability, Premier Li Keqiang said on Wednesday.

The government has rolled out measures to prevent financial market risks from spreading, and that has forced out the possibility of any systemic risks, Mr Li said at the World Economic Forum (WEF), the Swiss-based corporate think tank which runs the Davos summit of world leaders.

Government measures were in no way meant to weaken the role of financial markets, he told the forum in the city of Dalian.

"(We) will persist with a market-oriented, law-based system to establish an open and transparent capital market," said Mr Li.

Regulators also will continue to develop multi-layered markets, while improving market access for private banks and foreign companies, he said.

In the same panel discussion, Mr Li said all the risks of government debt are under control.