Premier Li Keqiang said on Wednesday that China has taken the initiative to phase out excess production capacity through supply-side structural reform, thereby contributing to the international community.

"Overcapacity in some industries, which has resulted from quantitative easing measures taken by many countries after the (2007-08) global financial crisis, needs to be addressed through resolute efforts by the international community," Li said. He spoke when meeting with global business leaders and media representatives on the sidelines of the Annual Meeting of the New Champions 2017.

The event, also known as Summer Davos, is hosted by Dalian in Liaoning province.