DALIAN -- Chinese Premier Li Keqiang said Wednesday that China has made contributions to the international society in the reduction of excessive capacity.

The capacity glut in some industries is the result of quantitative easing policies adopted after the global financial crisis, and needs to be addressed by concerted efforts, Li said.

He made the remarks when meeting with world business leaders during the Annual Meeting of the New Champions 2017, also called Summer Davos, in the northeastern coastal city of Dalian.