In the longer term, China will continue to provide strong dynamism to the world's economic recovery and growth, Chinese Premier Li Qiang said Tuesday.

China is still the world's largest developing country, with a population of over 1.4 billion, Li said when addressing the opening of the 14th Annual Meeting of the New Champions, also known as the Summer Davos, in north China's Tianjin Municipality.

"Our development remains unbalanced and inadequate. Yet such a situation is also where China's development potential and space lie," Li said.

China is acting on the new development philosophy, fostering a new development paradigm at a faster pace, and working hard to achieve high-quality development, the premier added.

China is expected to achieve this year's economic growth target of around 5 percent, with the growth in the second quarter to surpass that in the first quarter, he said.

"China has full confidence and the capability to achieve steady and sustained high-quality development of its economy in a long time to come," he stressed.

China will continue to expand its market and create cooperation opportunities, providing a constant driving force for the recovery and growth of global economy. Meanwhile, China will also offer mutually beneficial cooperation opportunities for investors from various countries, Li said.

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