China's economy rebounded from the COVID 19 pandemic, said its Premier Li Qiang on Thursday, 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 than previous months.
In the first two months of this year, the Chinese economy showed signs of a rebound. The situation in March is better than in January and February. He said that major indicators, including consumption and investments, have picked up, employment and prices are broadly stable and market expectations have improved notably. He said that several international organisations have revised upwards their forecasts for China this year.
The country's economy grew at the second slowest rate in almost half a century last year, due to the strict COVID 19 regulations imposed to achieve zero cases.
Its GDP increased by 3 per cent last year, but it was not close to 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 billed as Asia's version of the Davos World Economic Forum. Singapore Prime Minister Lee Hsien Loong and Malaysian Prime Minister Anwar Ibrahim are among the attendees.
On Thursday, Mr Li took the opportunity to point out how China's economy has rebounded by looking at Hainan, where the tourism sector is booming again, indicating a resilient economy.
This is a good indicator of the resilience potential and vibrancy of the Chinese economy. It is proof that the foundations underpinning China's long-term growth are robust and China's social economic policies are sound and effective, said Mr Li.
We will continue to focus on stability, to achieve progress while maintaining stability, to consolidate and build on the momentum of recovery and work for sustained and overall improvement in the economic performance going forward. The premier stated that we have the confidence and ability to sail the giant ship of the Chinese economy steadily and make even greater contributions to the global economy.