Chinese Premier Li Qiang attended a meeting with the Director-General of the World Trade Organization before the World Economic Forum New Champions meeting in Tianjin, China on June 26, 2023 (source: Pool | Getty Images News | Getty Images).
In Beijing, Premier Li Qiang stated on Tuesday that China remains on track to achieve its annual growth target of approximately 5%. He also mentioned that second-quarter growth is expected to be faster compared to the first quarter. Although China’s economy grew by 4.5% in the first quarter, surpassing expectations, subsequent data indicates slower growth, with economic data for May falling short of analysts’ predictions.
Premier Li, speaking through an official English translation livestream, remarked, “From what we see this year, China’s economy shows a clear momentum of rebound and improvement.” He delivered these comments during the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions.
This year’s conference, which takes place in Tianjin, China, will run from Tuesday to Thursday. It is noteworthy as it marks the first in-person occurrence of the World Economic Forum’s annual China conference since the onset of the pandemic.
Premier Li assumed office in March following a leadership reshuffle in October where loyalists of Chinese President Xi Jinping were appointed. China announced its growth target of around 5% for this year in March.
On the subject of de-risking and security, Premier Li stressed the importance of global cooperation in trade and economic growth. He expressed skepticism towards the concepts of reducing dependencies and de-risking, often hyped by some in the West. Premier Li believes these propositions are false, asserting that economic globalization has connected the world economy, making countries interdependent on each other’s economies. He emphasized that cooperation can lead to mutual success.
China is a major trading partner for many countries worldwide and has particularly strong economic ties. At a previous World Economic Forum event in Davos, Switzerland, vice premier Liu He spoke about China’s commitment to pursuing high-quality economic development as its primary goal and attracting foreign investment.
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