Takeshi Uchiyamada, chairman of Toyota, while recalling Premier Li's visit to the company's Hokkaido branch, also extended his wish to step up cooperation with the Chinese automotive industry, with an emphasis on hydrogen-powered and autonomous vehicles.

The Premier said that, as the new round of industrial and technological revolution unfolds, China is implementing an innovation-driven development strategy, promoting mass entrepreneurship and innovation, and cultivating new economic driving forces.

China is accelerating the development of new industries such as artificial intelligence, self-driving and hydrogen energy. It will create a better business environment that favors the commercialization of research, he said, citing it as a crucial opportunity for enterprises around the world, including Japanese companies.

Han Yong Hong, an associate editor of Lianhe Zaobao, a Chinese-language newspaper in Singapore, said many observers are paying much attention to China's economic development, especially on whether large-scale tax and fee cuts can be delivered.

The Premier said that China's economy has remained stable this year and market forecasts look optimistic, but under such complicated circumstances, difficulties and challenges cannot be underestimated.

He added, once the vitalities are unleashed from the huge domestic market, with a population of 1.4 billion and 100 million household market entities, the long-term and promising development of China's economy can be achieved.

The Premier also said that a total of 2 trillion yuan in taxes will be cut this year and work will be strengthened to make sure real benefits flow into enterprises' pockets. Arbitrary fees are forbidden, and punishment will be imposed once violations are found.

Guests at the conference offered positive comments on the Premier's keynote speech at the 2019 Boao Forum for Asia annual conference, saying that the speech was insightful, honest and constructive, deepening the understanding of China's development and policies.

Xiao Jie, state councilor and secretary-general of the State Council, attended the conference.