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ECONOMY TO GROW

To allay the concerns of international investors over China's current economic situation, Xi expounded on the government's policies ranging from economic reform to stock market and RMB exchange rates.

Xi said China's economy will stay on a steady course with fairly fast growth. Although the economy grew by 7 percent in the first half of the year, this growth rate remains one of the highest in the world, he said.

"This has not come by easily given the complex and volatile situation in the world economy," the president noted.

"At present, all economies are facing difficulties, and our economy is also under downward pressure. But this is only a problem in the course of progress," he said.

"We will take coordinated steps to achieve stable growth, deepen reform, adjust structure, improve livelihood and prevent risks, while strengthening and innovating macro regulation to keep the growth at a medium-high speed," he said.

China has a high savings rate, a huge consumption potential, a hard-working population and a rising proportion of middle-income people. This creates an enormous space for the services sector and offers a big market with great potential, Xi said.

Speaking of recent abnormal ups and downs in China's stock market and the government's measures to stabilize the market, Xi said that it is the duty of the government to ensure an open, fair and just market order and prevent massive panic from happening.

"Now, China's stock market has reached the phase of self-recovery and self-adjustment," he said.

On Aug. 11, China moved to improve its RMB central parity quotation mechanism, giving the market a greater role in determining the exchange rate.

"Given the economic and financial situation at home and abroad, there is no basis for continuous depreciation of the RMB," Xi stressed. "We are against competitive depreciation or a currency war. We will not lower the RMB exchange rate to stimulate export."

"To develop the capital market and improve the market-based pricing mechanism of the RMB exchange rate is the direction of our reform. This will not be changed by the recent fluctuation in the stock market or the foreign exchange market," he said.

The president noted that the key to China"s development lies in reform and China will never close its open door to the outside world.

"We have the resolve and the guts to press ahead and take reform forward. We will stick to the direction of market economy reform," he said.

Xi also promised that China will address legitimate concerns of foreign investors in a timely fashion, protect their lawful rights and interests and work hard to provide an open and transparent legal and policy environment, an efficient administrative environment and a level playing field in the market.