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Chinese Premier Li Keqiang on Monday expressed strong confidence in the nation's economy and its ability to prevent systemic risks.

China's spectacular growth used to be built on cheap manufacturing, low-end exports and smokestack industries. Now, with a wealthier domestic consumer base as well as technological progress, it is reconfiguring the economy for more consumption, more innovation and less pollution.

China's tourist spending is expected to exceed 6 trillion yuan (0 billion) in 2017, it said.

Chinas' Sinochem Group Co, which has interests in chemicals and other agriculture-related services, has conducted field trials of hybrid wheat varieties and realized on average 24.4 percent increase in crop yields, according to company officials. It is also playing an important role in boosting trade ties under the country's innovative Belt and Road Initiative.

China's ratio of R&D expenditures to business revenues was 2.27 percent during that period, which is quite high but still lower than many other major economies, he said in an interview. "It means there's still much room for China to further increase its R&D expenditures."