China's economy showing 'strong momentum', says Li

China's economy showing 'strong momentum', says Li

Premier Li Qiang said officials would focus on preventing major financial risks as well as support for the private sector
Premier Li Qiang said officials would focus on preventing major financial risks as well as support for the private sector. Photo: STR / AFP
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

China's economy is showing "strong momentum" despite a challenging global environment, Premier Li Qiang said Thursday, promising to bolster support for business as the country emerges from strict Covid controls that hammered GDP.

Li's speech at the Boao Forum, a high-profile meeting on China's southern Hainan island, was his first to an international conference since being appointed Beijing's number-two official in early March.

"China's economic growth shows strong momentum," Li told top politicians and business leaders.

"Judging from the situation in March, it is better than in January and February," he said, referring to a period when China saw a surge in Covid-19 infections following the lifting of strict pandemic controls.

China set an economic growth target of "around five percent" this month, one of its lowest in decades as it emerges from strict zero-Covid rules.

Read also

Alibaba's overhaul: a 'smart' move after China crackdown

One of President Xi Jinping's most trusted allies, Li has warned that the goal will not be "easy" to achieve.

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

And in his speech Thursday he said Beijing would focus on preventing major financial risks, promising further state support to a private sector still reeling from a regulatory crackdown on the property, technology and private education industries.

"We will launch a series of new measures to expand market access," he said, without offering details.

"We will optimise the business environment... so that state-owned enterprises dare to improve their business, private enterprises dare to venture into it and foreign companies dare to invest."

China will continue to "prevent major risks", he continued, saying Beijing would "firmly hold the bottom line" against "systemic risks" to economic stability.

Li's comments come in the face of international banking sector worries and rising concerns about debt-fuelled development programmes favoured by China's local governments.

Read also

Hong Kong leads Asian markets higher on Alibaba boost

The premier also reiterated Beijing's calls to avoid what it calls "a new Cold War" and to resist protectionism.

China has been vocal against western sanctions on traditional allies including Russia, North Korea and Iran.

"We insist on resolving differences and disputes between countries through peaceful means, and jointly safeguard world peace and tranquility," he said.

According to state news agency Xinhua, Li on Wednesday met International Monetary Fund head Kristalina Georgieva during the forum, which has pitched itself as Asia's answer to the World Economic Forum's annual gathering of global leaders in Davos.

Also attending are Spanish Prime minister Pedro Sanchez, Malaysian Prime Minister Anwar Ibrahim and Singapore leader Lee Hsien Loong.

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.