Premier Li Keqiang on Wednesday welcomed deeper cooperation between developed and developing nations to improve China's urban development and planning.

"Each and every country has its own unique strengths, or comparative strengths, in its urbanization process," Li told business leaders during the annual meeting of the New Champions, also known as the Summer Davos Forum.

Noting China's urbanization rate at only 55 percent, the premier said China's urbanization remains a long-term process and will provide vast room for domestic demand.

Acknowledging challenges in rapid urbanization, Li said China will press ahead with the large-scale renovation of low standard housing, where about 100 million urban residents deserve modern living conditions.

The premier added that China is developing underground infrastructure, with latest progress having been made in underground urban utility pipeline networks.

The Summer Davos Forum is being held from Sept. 9-11 in China's northeastern city of Dalian. Li is expected to give a keynote speech on Thursday.