Chinese Premier Li Qiang declared Tuesday that his nation is still remaining on course to achieve its annual expansion goal at near 5%. He made the declaration at the first gathering of the World Economic Forum's Annual Meeting of the New Champions. "We can now observe a noticeable upswing and augmentation in China's economy," Li said.
BEIJING – Chinese Premier Li Qiang declared on Tuesday that his country was still heading for the annual growth aim of close to 5%. He divulged that the second quarter's expansion was anticipated to be swifter than what had been recorded in the first. China's economy had grown by 4.5% in the first quarter, better than anticipated. In spite of this, later data showed slower development. Figures for May were not up to estimations of analysts. “From this year's analysis, China's economy displays a noticeable upturn and enhancement,” Li conveyed via a livestream of the official English translation. He was speaking at the premier of the World Economic Forum's Annual Meeting of the New Champions.
The World Economic Forum's annual China conference is set to take place from Tuesday to Thursday in the city of Tianjin, marking its first in-person event since the start of the pandemic.The reshuffle of leadership in October, which included the ascension of Chinese Premier Li Keqiang to office, was a significant development which saw the team's core group being filled by the loyalists of President Xi Jinping. This year's growth target of around 5%, which was declared by Li in March, was accompanied by the statement from the premier that the Chinese economy is heading towards recovery, with some international organizations revising their forecasts for 2021's growth.These words were echoed by Li on Tuesday, however without any reference to any specific institutions or timeframes. Since then, economist's forecasts for China's GDP this year have been in a state of flux.Original content:
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In recent weeks, several investment banks — namely Goldman Sachs, JPMorgan, UBS and Bank of America — have reduced their prediction for China's full-year GDP growth. At the beginning of the year, a majority of these firms had increased their projections for 2023.The World Bank in June increased its estimate for China's 2021 growth to 5.6%, higher than the 4.3% predicted earlier. Similarly, the International Monetary Fund in April also raised its outlook for China's GDP to 5.2%, compared to 4.4% before.
On Tuesday, Premier Li emphasized the importance of global cooperation in regards to trade and economic growth. He mentioned that some in the West have exaggerated the importance of reducing dependencies and de-risking, which he deemed to be false concepts. According to Li, economic globalization has connected all of the world's economies, making them interdependent and interconnected. China is recognized as a major trading partner of many countries. In addition, Li pointed to the importance of security in light of the need to preserve peace and stability. He used the Chinese analogy of the number one being followed by many zeroes, to illustrate the necessity of the first element to make the elements after it meaningful. This notion was seen this year when Vice Premier Liu He addressed the World Economic Forum in Switzerland, stressing the importance of high-quality economic development in China and increasing foreign investment.
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