[Asia Economy Reporter Kim Hyunjung] Premier Li Keqiang of the State Council of China stated that he will strive to achieve "reasonable growth" of the Chinese economy in the second quarter (April to June) of this year and to reduce the unemployment rate.
According to China's state-run Xinhua News Agency, on the 25th (local time), Premier Li made these remarks during an emergency online meeting with local government officials to discuss economic stabilization measures. He said, "China's economic indicators have dropped significantly, and in some sectors or problem areas, the situation is worse than in 2020." China's annual growth rate in 2020 was 2.2%.
Premier Li emphasized, "Now is the time to determine this year's economic trend," adding, "Efforts must be made to bring the economy back on a normal track." He also added that a detailed implementation plan for a policy package aimed at stable growth will be presented by the end of this month.
He also stressed that the second quarter economic data will be released accurately and that efforts will be made to reduce the economic impact caused by virus control measures. Premier Li explained, "We must control the epidemic while completing the tasks of economic development."
According to Bloomberg News, Goldman Sachs economists view Premier Li's emphasis on "second quarter growth" as an implicit acknowledgment that the 5.5% growth target set in early March is being challenged. In an investment memo, the economists explained, "Chinese policymakers appear to find it more urgent to support the economy after very weak economic activity growth in April, sluggish recovery in May, and a continuous rise in the unemployment rate."
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