Chinese Vice Premier Li Keqiang called on the country to boldly respond to the current economic situation and focus on long-term development at a panel discussion held with political advisors on Monday.

"The world economy remains enveloped in a haze and new risks are accumulating. We will face a lot of contradictions this year," Li told members of the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body.

China must make progress while ensuring stability, said Li, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee.

China must prioritize expanding domestic demand, as well as stabilizing growth and prices, Li said, adding that further efforts must be made to restructure the economy, make good use of market and policy incentives and improve China's ability to innovate.

China must also prioritize reform and opening up and exert more efforts to solve deep development-related problems, Li said.

Although China has increased its grain output for the last nine years, it must also work to consolidate this trend and aid the agricultural industry, Li said.

"China must extend preferential policies to benefit farmers, improve agricultural production efficiency and ensure the sufficient and effective supply of grain and other agricultural products," Li said.