Chinese Vice Premier Li Keqiang says China is standing at a critical juncture where it can no longer delay economic reform.

Li made the remarks in a Chinese economic forum held in Beijing, explaining his nation has reached a point where it must change its economic model. He is widely considered a promising successor to Chinese Premier Wen Jiabao.

The vice premier also said the Chinese government will reform systems on taxation, finance, inflation management and income distribution. He added Beijing will seek ways to let the market play a bigger role in the distribution of resources.

International Monetary Fund Managing Director Christine Lagarde attended the forum. She said China will be able to achieve its dream of making the yuan a key currency if it speeds up its economic structural reform.