Chinese Premier Li Qiang: "Q2 Economic Growth Will Be Faster Than Q1"

Chinese Premier Li Qiang forecasted that China's economic recovery in the second quarter will be faster than in the first quarter.

Premier Li made these remarks as the keynote speaker at the opening ceremony of the Summer World Economic Forum (WEF) Annual Meeting (Summer Davos Forum) held in Tianjin, China, on the 26th. He explained, "The growth rate in the second quarter will be faster than the 4.5% (Gross Domestic Product, GDP) growth rate of the first quarter," adding, "I hope we can achieve this year's growth target."

[Image source=Yonhap News]

He emphasized, "We can see stable growth in a long-term economic cycle that leads to economic recovery, with continuous market expansion, creation of cooperation opportunities, and opportunities for investors from all countries," stating, "I have full confidence."

While acknowledging that development within China is not balanced, Premier Li blamed "external factors" for hindering global development. In particular, he targeted the United States by saying, "Some incite hatred and blockades while fomenting ideological opposition." He continued, "I am aware of voices in the West calling for 'de-risking' and 'reducing dependence,' but both are misguided proposals."

At the event, Premier Li asserted, "It is not a matter for the government and related organizations to guarantee, and moreover, de-risking should not be expanded, politicized, ideologized, or generalized," adding, "We must conform to the trends of the times, further consolidate consensus on development, and firmly build an open world economy." He also stated, "We resolutely oppose the artificial politicization of economic and trade issues."

He also stressed the importance of stabilizing global supply chains. He said, "We must jointly protect global industrial and supply chains," emphasizing, "We need to maintain the safety, stability, and smooth flow of supply chains so that the benefits of economic globalization's development achievements are more fairly shared among countries and their people."

Premier Li remarked, "When risks arise in industrial networks, no government or related organization can solve them by stepping in," adding, "Economic and industrial risk detection is most sensitive to enterprises, and since enterprises have the greatest say, it is appropriate for enterprises to make judgments and choices."

Referring to his recent visits to Germany and France, where he met with policymakers and business representatives, he mentioned, "We agreed on the need for a cooperative mindset instead of a zero-sum game." China has often used this expression when accusing the United States of trying to suppress China's development.

The Summer Davos Forum is an event that China has held annually since 2007, alternating between Dalian in Liaoning Province and Tianjin, aiming to lead discussions on the world economy and global issues. It was suspended due to the COVID-19 pandemic after the 13th meeting held in Dalian in 2019 and resumed after four years.