Premier Li Keqiang said on Wednesday that China's government debt risks are "controllable," as he met with business leaders ahead of the Annual Meeting of the New Champions, also known as the Summer Davos forum.

"Government debt is at a relatively low level and concerns over China's government debt risks are unnecessary," he said.

Central government debt is only about 20 percent of China's GDP, while 70 percent of local government debt takes the form of investment with expected returns, the premier said.

Though Li downplayed concerns over debt risks, he added that it is part of Chinese traditional wisdom to "be mindful of potential risks in times of peace."

This year's Summer Davos forum is being held from Wednesday to Friday in northeast China's port city Dalian, with more than 1,700 participants from over 90 countries.

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