China economy recovering but foundation not solid, premier says

‘At present, the economy is recovering, but the foundation is unstable. Hard work is needed to stabilise the economy,’ Li was also quoted as saying.
Image: Feng Li/Getty Images

China’s economy is recovering but the foundation of that recovery is not solid and more efforts are still needed, Premier Li Keqiang was quoted by state media as saying on Thursday.

The world’s second-largest economy has started a slow recovery from the supply shocks caused by extensive lockdowns since the second quarter, although headwinds to growth persist.

“At present, the economy is recovering, but the foundation is unstable. Hard work is needed to stabilise the economy,” Li was also quoted as saying during a meeting with senior officials from Shanghai, Guangdong, Fujian, Jiangsu and Zhejiang.

More efforts will be made to boost enthusiasm of officials at both central and local levels and keep the economy operating within a reasonable range, Li said.

Shanghai and the four provinces account for over a third of China’s economy, and play a key role in the central government’s transfer payments to poorer regions given their fiscal revenues account for nearly 40% of the total, Li said.

The country’s most affluent regions are also vital in absorbing migrant workers and underpin their incomes, Li said.

China will continue to promote reforms and improve the business environment, and will keep opening up its economy to the outside world no matter how the international situation changes, Li added.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Subscribe to our mailing list

* indicates required
Moneyweb newsletters

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: