BEIJING - Premier Li Keqiang on Wednesday met with former US Treasury Secretary Henry Paulson.

Li said both sides are facing new opportunities for development in light of an upcoming meeting between President Xi Jinping and US President Barack Obama.

China would like to work with the United States to deepen cooperation in all fields, promote bilateral economic integration and create a mutually beneficial environment for the businesses of both countries, Li said.

Li briefed Paulson on the ongoing transformation of Chinese government's functions, saying that the key to successful transformation will be dealing with relations between the government, market and society.

Li said the market will play a bigger role in stimulating innovation and growth.

Li said the transformation will aid economic growth, restructuring and employment and help expand room for foreign cooperation with China.

Paulson said the United States is closely watching China's efforts to advance reform, as well as the transformation of its governmental functions.

Paulson said U.S. businessmen expect progress in bilateral investment protection negotiations and would like to play a positive role in the negotiations.

Paulson is visiting China to attend the 2013 Fortune Global Forum, which opened on Thursday in Chengdu, capital of southwest China's Sichuan Province.