TIANJIN -- Chinese Premier Wen Jiabao on Tuesday delivered a speech at the opening ceremony of the sixth Annual Meeting of the New Champions, also known as the Summer Davos.

The following is the full text of Wen's speech:

Towards a Brighter Future of the Chinese Economy

Speech by H.E. Wen Jiabao

Premier of the State Council of the People's Republic of China

At the World Economic Forum

Annual Meeting of the New Champions 2012

Tianjin, 11 September 2012

Professor Klaus Schwab, Executive Chairman of the World Economic Forum,

Ladies and Gentlemen,

I am delighted to meet you, friends old and new here today. Let me first express warm congratulations on the opening of the sixth Annual Meeting of the New Champions, or the Summer Davos, and extend a sincere welcome to all the distinguished guests present.

The Summer Davos Forum, inaugurated in China in 2007, has become a global forum with extensive influence. The theme of the forum for this year - "Creating the Future Economy" is highly relevant and practical. It reflects your vision on sustainable development and meets the high expectation for a bright future of the world economy.

China has enjoyed fast economic development for over 30 years. During the past decade in particular, we firmly seized the strategic opportunities for development, made hard and pioneering efforts, and scored new historic achievements in economic and social development. From 2002 to 2011, China's GDP grew at an average annual rate of 10.7%, and moved up from the sixth to the second place in the world. Our per capita GDP rose from 1,000-plus U.S. dollars to 5,432 U.S. dollars. China's foreign trade volume also climbed from the sixth to the second place in the world, and foreign exchange reserves exceeded three trillion U.S. dollars. China's industrial structure was upgraded, its agricultural foundation was consolidated, and regional development became much more balanced. All-round progress was made in social programs and people's livelihood significantly improved. We have withstood the test of many disasters, difficulties and risks. In the recent five years in particular, we effectively tackled the huge impact of the international financial crisis and sustained steady and fast economic growth. We owe these achievements to the strength of reform and opening-up, the persevering spirit of the Chinese nation and our tireless efforts in exploring a path of scientific development and harmonious society. Here I wish to share with you what we did and what we have learned in this course of our endeavors.