Five years on from the start of the financial crisis, many countries now face new challenges as the world economy slowly recovers . The Summer Davos Forum, which opens this week in Dalian, will be closely watched for signs of the state and strength of the Chinese economy , which finds itself at a crucial stage of transformation. Observers ask whether China’s economic slowdown will lead to a sharp decline – or even a hard landing – and whether our reform programme will be derailed by complex social problems. My answer is that our economy will maintain its sustained and healthy growth and China will stay on the path of reform and opening up. Shortly after it took office in March, the new Chinese government made clear its policy was to sustain economic growth, improve people’s wellbeing and promote social equity. We can no longer afford to continue with the old model of high consumption and high investment. Instead, we must take a holistic approach in pursuing steady growth, structural readjustment and further reform. Reform remains the driving force. We will continue to streamline government and delegate power, press ahead with structural changes and grow economic sectors under diverse ownership. Government will leave to the market and society what they can do well while concentrating on those matters within its purview. In my view, Asian countries have learnt the lessons from the past and significantly enhanced their capabilities to fend off risks. Thanks to more flexible exchange rate regimes, stronger foreign exchange reserves, the Chiang Mai Initiative Multilateralisation agreement – a currency swap arrangement – and various bilateral financial arrangements, China is confident that Asian countries are now better placed to cope. China is still a developing country with a myriad of tasks and challenges. Yet as China’s national strength grows steadily, it will assume greater responsibilities and obligations in international affairs commensurate with its own conditions. We will work with other countries to promote global peace and development. I look forward to the day when the world economy returns to good health. In the meantime, the upgrading of the Chinese economy will give fresh impetus to the global economy.