China’s economy is recovering but the foundations are not solid: Premier Li Keqiang
BEIJING (Reuters) – China’s economy is recovering, but the foundations for that recovery are not solid and further efforts are still needed, Premier Li Keqiang was quoted by state media as saying on Thursday (July 7th).
The world’s second-largest economy has begun a slow recovery from supply shocks caused by widespread shutdowns since the second quarter, although headwinds to growth persist.
“At present, the economy is recovering, but the foundations are unstable. Hard work is needed to stabilize the economy,” Li also said during a meeting with senior officials from Shanghai, Guangdong. , Fujian, Jiangsu and Zhejiang.
More efforts will be made to boost the enthusiasm of officials at the central and local levels and keep the economy running within a reasonable range, Li said.
Shanghai and the four provinces account for more than a third of China’s economy and play a key role in central government transfer payments to poorer regions as their tax revenues account for nearly 40 percent of the total, said Mr Li.
The country’s wealthier regions are also vital for absorbing migrant workers and supporting their incomes, Li said.
China will continue to promote reforms and improve the business environment, and continue to open up its economy to the outside world no matter how the international situation develops, Li added.