BOAO, Hainan: China’s economy has rebounded from the COVID-19 pandemic said its Premier Li Qiang on Thursday (Mar 30), while adding that Beijing will continue to serve as an “anchor for global peace and development”.
Speaking at China’s Boao Forum for Asia (BFA) in Hainan, Mr Li said this month’s economic situation is better as compared with previous months.
“In the first two months of this year, the Chinese economy showed an encouraging momentum of rebound. The situation in March is even better than that in January and February.”
He added: “Major indicators, including consumption and investments, have picked up, employment and prices were broadly stable and market expectations improved notably.”
Mr Li also said that several international organisations have revised upwards their economic forecasts for China this year.
The country’s economy grew at the second slowest rate in almost half a century last year, largely due to the strict COVID-19 regulations imposed to achieve zero cases.
Its GDP grew 3 per cent last year, below the government’s target of around 5.5 per cent. The government lifted its zero COVID-19 policy in December, triggering an economic recovery.
The Boao forum, which kicked off on Tuesday, is China’s biggest international conference since the pandemic curbs were lifted.
The four-day event is often touted as Asia’s version of the Davos World Economic Forum. Singapore Prime Minister Lee Hsien Loong as well as Malaysian Prime Minister Anwar Ibrahim are among the attendees.
On Thursday, Mr Li took the opportunity to point out how China’s economy has recovered by looking at Hainan, where the tourism sector is booming once again, indicating a resilient economy.
“This is a good indicator of the resilience potential and vibrancy of the Chinese economy. It is also proof that the fundamentals underpinning China’s long-term growth are robust and China’s social economic policies are sound and effective,” said Mr Li.
“Going forward, we will continue to prioritise stability, seek progress while maintaining stability, consolidate and build on the momentum of recovery and work for sustained and overall improvement in the economic performance.”
He added that the government would roll out new measures to increase market access and improve the business climate.
“We do have the confidence and ability to sail the giant ship of the Chinese economy steadily… and make even greater contributions to the global economy,” the premier stated.