BEIJING, Sept. 10 -- The Summer Davos has just kicked off in the Chinese coastal city of Tianjin, with the theme of 'Creating Value Through Innovation'. Chinese Premier Li Keqiang has delivered a keynote speech at the opening of the forum, stressing the importance of innovation in development in a challenging environment.

　　Premier Li said that reform and innovation have helped the Chinese economy maintain steady and sound growth in recent years. He said China has promoted reform and economic readjustment in the past months and the Chinese economy registered a 7.4% growth in the first half of 2014. The CPI rise was kept at 2.3%.

　　The premier said China has also speeded up reform of the administrative review and approval system. He said the reforms have been introduced to investment financing, taxation and logistics systems to help develop the service sector and other emerging industries.

　　Li Keqiang also briefed those present about the positive changes in the structural upgrading, saying new business models such as e-commerce all developed fast. The premier still said China will accelerate transformation of the development model, push forwards structural readjustment and promote institutional innovation as well as science and technology innovation to upgrade the Chinese economy.