China is still heavily reliant on coal consumption, and is currently responsible for around half of the world's coal usage according to International Energy Agency.  Last year, President Xi Jinping called for an "energy revolution" and warned that the nation needed to find new ways to produce and consume fuels, while alternative energy supplies need to be boosted.  Speaking at WEF earlier on Wednesday, People's Bank of China Governor Zhou Xiachuan agreed that falling oil prices are good news for China's economy, but raised concerns that it would stop people from switching to cleaner, more renewable energy sources, according to Reuters.  Doing business in China has been a hot topic of debate so far at the forum, but a number of business leaders has dismissed concerns surrounding the nation's slowing growth.  Chief executive of German chemical and detergent manufacturer Henkel, Kasper Rorsted said his firm had very strong double-digit growth in the first three quarters of last year in China, and any slowdown really needs to be put in context.  "While we are optimistic about Germany, I want to put that in context with China. China is growing about four to five times stronger than Germany and 10 times the rate of the euro zone, so there is a huge difference," he told CNBC, speaking from Davos.  "I have been here for many years, every year I hear about the decline of China. China is still growing at 7 percent, there are very few other countries in world that grow at 7 percent. U.S., of which I am a big fan, is growing at 2.5 to 3 points, so 40 percent of the growth rate of China. China is still the growth rate engine of the world," he said.
The Chinese economy is not heading for a hard landing and will instead create opportunities for the world, says Chinese Premier Li Keqiang.