Deepening reform will bring a new impetus for economic growth in China and provide room and opportunity for the world economy, Vice Premier Zhang Gaoli said Sunday.

Zhang made the remarks in a keynote speech to the China Development Forum 2014, a platform for the business and academic communities to interact with Chinese decision makers and economic planners.

The economy has the foundations for steady growth and the conditions for sustaining medium to high growth for a relatively long time, he said.

"Deepening comprehensive reforms will significantly stimulate enthusiasm to innovate and start new businesses, enhance the dynamism of market entities and foster new endogenous momentum for growth," Zhang said.

Policy approved in November set out the major reform tasks to be completed before 2020.

"Reform and opening up will bring new vigor to the economy and provide new room and opportunity for global economic growth," the vice premier said.

China will always welcome and encourage foreign investment and share the country's prosperity and development, he added.

The reform and opening up policy that was first implemented in 1978 has made China the global economic powerhouse it is today. GDP expanded by 7.7 percent in 2013, overshadowing growth rates of less than 2 percent in major developed nations, including the United States, Japan, Germany and the UK.

China has set its growth target at 7.5 percent this year in an effort to push for sustainable, quality growth.