Media Moment for China's Vice Premier

Reporters enjoyed a rare exchange with China's Vice Premier Li Keqiang shortly before he delivered a key speech at the Davos economic forum January 28.

Speaking without notes, Li told a group of media and business professionals that China had fought a fine fight in the face of last year's global financial crisis, chalking up 8.7 percent GDP growth. In the future, he said, China would try to maintain steady economic development.

Li opened the floor to questions. Meeting host David Schlesinger of Reuters and a business person warmed him up. Then Li picked me for questions.

I asked about several concerns: China's stimulus policy exit, fears of rapid economic growth, and skyrocketing housing prices.

Li adjusted his tone. He said China's economy had just been through hard times but rebounded after steps were taken to deal with the crisis. Now the government needs to stick to its proactive fiscal and moderately loose monetary policies, Li said, given the inflation risks that emerged in the last quarter. As for a possible withdrawal for government stimulus, Li called for an international effort to launch a joint exit plan.

Turning to China's real estate industry, Li said, well, any explanation would take a long time. That quip drew laughter from the audience. Li then described efforts to maintain healthy growth in the market, saying the government has taken a series of measures by expanding affordable housing construction, encouraging rational consumer behavior, and cracking down on speculation.

Additionally, Li said local authorities would be given more responsibility and that more real estate policies were on the way. He concluded that the government has attached great importance to housing as a basic need.