Conditions are in place for the Chinese economy to achieve sustained and sound growth, Premier Li Keqiang said Thursday at the opening ceremony of the Boao Forum for Asia (BFA) annual conference 2014.

"China has a big economy and large foreign exchange reserves. There is steady and coordinated progress in advancing the new type of industrialization, IT application, urbanization and agricultural modernization," Li said in a keynote speech at the opening ceremony.

Narrowing the gap between urban and rural areas and among different regions will also unleash huge potential for growth, the premier said.

This year's annual conference runs from Tuesday to Friday under the theme of "Asia's New Future: Identifying New Growth Drivers".