China's economy has shown stability in the face of external shocks, said Chinese Premier Li Qiang on Wednesday.

Li made the remarks at a symposium for business representatives at the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in north China's Tianjin Municipality.

Against the backdrop of growing uncertainties in international economic and trade cooperation, the stability of the business environment has become particularly crucial, he said.

Li noted that the rise of protectionism, unilateralism, and anti-globalization sentiments has created significant challenges for business development.

However, he noted that amid these changes, China's economy has demonstrated unique stability against external shocks while maintaining its own rhythm of growth.

This stability is further reflected in China's unwavering commitment to opening up, which enables multinational corporations to achieve greater success and sustainable development in the Chinese market, he said.

Li noted that the current international landscape is undergoing profound and complex changes, posing significant challenges to global economic development.

The Chinese economy has maintained stable growth, relying not only on a solid foundation of stability and improvement, as well as proactive and effective macro policies, but also on the effective utilization of market forces and the resources of enterprises, including substantial contributions from foreign-funded enterprises, the premier said.

At the same time, China offers a vast stage for the development of foreign-funded enterprises, Li noted.

He said that in the face of a world of change and disorder, it is essential to adapt to the changing times and to respond proactively and effectively to various challenges and risks, creating a conducive environment for business development.

In the context of in-depth restructuring in the global industrial chain, the quality and efficiency of the industrial supply structure are paramount, Li said, adding that China has strong industrial support capabilities, with its industrial and supply chains continually optimized.

While highlighting the importance of the speed of application of new technologies and the capability for technological upgrades, Li noted that China has a vast user base for various products and services, facilitating efficient interaction between technological innovation and industrial innovation.

He said there is substantial space and significant opportunities for companies from around the world to engage in scientific and technological cooperation and collaborative innovation in China.

Li expressed his expectation that enterprises from various countries will provide more quality products and services to the Chinese market, thereby strengthening technological and industrial cooperation with Chinese companies and better aligning supply and demand for mutual benefits and shared progress in technological advancement and industrial competitiveness.

China will continue to welcome foreign enterprises to invest in the country, the premier said.

Representatives at the symposium said they remain confident in China's economic prospects, opening up and cooperation and would increase investment in technological innovation and ensure the smooth running of industrial and supply chains, thereby achieving greater development while integrating into China's high-quality development process. 

Some 160 business representatives from more than 30 countries and regions attended the symposium.

(With input from Xinhua)