China's Li Qiang says March economic recovery improves
In this image taken from a video, Chinese Premier Li Qiang speaks at the opening ceremony of the Boao Forum for Asia in Boao in southern China's Hainan province, Thursday, March 30, 2023. The leader of 2 said on Thursday it improved in March and tried to reassure foreign companies that the country is committed to opening to the world.
Premier Li Qiang spoke to a global audience of businesspeople and politicians as the government tried to revive business and consumer confidence after anti-virus controls in China were abruptly dropped in December.
The economy showed signs of rebounding in January and February, Li said at the Boao Forum for Asia on the southern island of Hainan.
The situation in March is even better, Li said. He said consumption and investment picked up and market expectations improved. China's retail sales rose by 3.5% over a year earlier in January and February, recovering from December's 1.8% contraction, government data showed earlier in the day. Spending on restaurants increased by 9.2%. Growth in investment in real estate and other fixed assets increased to 5.5% from December's 5.1%.
The audience included Prime Ministers Lee Hsien Loong of Singapore, Pedro Sanchez of Spain and Anwar Ibrahim of Malaysia and International Monetary Fund Managing Director Kristalina Georgieva.
A former Communist Party secretary for Shanghai, Li took office earlier this month in a once-a- decade change of government that installed loyalists of Chinese leader Xi Jinping to enforce his vision of tighter political control over the economy and society.
The premier wanted to counter unease about the growing state dominance in the economy and tension with the United States over security, technology and trade.
Li said that no matter how the world situation may evolve, we will stay committed to reform, opening up and innovation-driven development. We welcome countries around the world to share in the opportunities and benefits that come with China's development. Li called China a global anchor of peace, a statement that conflicts with the ruling Communist Party's military buildup and menacing behavior toward Taiwan, Japan and other neighbors.
The military budget, the second-largest after the United States, was increased for the 29th year in a row. The government of Xi has stepped up its efforts to intimidate Taiwan, which Beijing claims as part of its territory, by flying fighter jets and firing missiles into the sea near self-ruled island democracy.
The premier said that chaos and conflict must not happen in Asia to achieve greater success.