Chinese Premier Li Keqiang (L) meets representatives of the International Business Council of the World Economic Forum (WEF) in Davos, Switzerland, on Jan. 21, 2015.[Photo/Xinhua]

Admitting to fluctuations in China's real estate market, the Premier said that China's urbanization process is developing at a steady pace and that efforts will be made to regulate shadow banking.

With regard to the fight against climate change, Li said China had set a target for its greenhouse gas output to peak "around 2030", and intends to increase the share of non-fossil fuels in primary energy consumption to around 20% by 2030.

As for financial reform, Li said China's financial market will be more open to the world, while pushing forward cross-border renminbi investment and settlement, as well as offshore renminbi business.

Over 100 business leaders from around the world attended the meeting.