Li Chang of China says "Opposes Regressive Decoupling"... Confident in 5% Growth Despite Economic Concerns

Chinese Premier Li Chang indirectly criticized the Western camp's tariff pressure on China by stating that he "opposes regressive decoupling." Regarding concerns about the slowdown in China's economic growth, he dismissed them by asserting that China is "confident in achieving 5% growth."

According to major foreign media including Bloomberg, in his opening speech at the 15th Summer World Economic Forum (WEF) annual meeting held on the 25th in Dalian, China, he said, "Decoupling is a regressive act," adding, "We should open our hearts widely and cooperate closely, abandon bloc formation, and oppose decoupling."

[Image source=AFP Yonhap News]

He emphasized, "Decoupling will drag fierce competition for a bigger pie into a destructive vortex, gradually shrinking the pie," and added, "This is something we do not want to see." Furthermore, he stated, "We must maintain the stability and smooth operation of industries and supply chains, promote the liberalization and facilitation of trade and investment, guide and promote sound global development, and make strong efforts for world economic growth."

He also argued, "The history of world economic development shows that openness brings progress, while isolation leads to regression," and claimed, "Only through open interaction, exchange, and mutual learning can we continue to expand the limits of development and open new horizons."

Premier Li reiterated China's commitment to opening its market. He said, "Foreign companies have become the mainstay that communicates and cooperates on a level playing field in China and enables the growth of emerging industries," adding, "They have supported the sound and sustainable development of the Chinese economy." He also introduced, "We have been doing our best to create a market-oriented, world-class business environment within a sound legal framework," and "We have abolished regulations that restrict market access and fair competition, promoted the flow of innovation elements, and encouraged entrepreneurship."

He also expressed confidence in this year’s economic growth. Premier Li said, "The Chinese economy continues its recovery trend, showing a good start with a 5.3% growth rate year-on-year in the first quarter," and added, "I am confident that we can achieve the 5% growth target this year."