China off to good start on 2024 goals, says premier
CHINA’S economic recovery has been improving since the start of 2024, Premier Li Qiang said, underscoring the government’s effort to project confidence as it hosts a slew of high-profile visitors.
The improvement is laying a solid foundation for the nation achieving its full-year development goals, Li told International Monetary Fund managing director Kristalina Georgieva and World Bank president Ajay Banga in Beijing on Monday (Mar 25).
Li added in the separate meetings that the fundamentals of China’s long-term economic growth have not and will not change, state broadcaster China Central Television reported.
Speaking during a keynote speech at the China Development Forum on Sunday, Li downplayed concerns about challenges facing the economy and reassured investors that Beijing will step up supportive measures for growth. While he acknowledged in that speech that many people are concerned about risks in China’s property sector and local government debt, he said “some difficulties and problems are not as serious as people think”.
Also at Monday’s forum, People’s Bank of China governor Pan Gongsheng said the nation’s property market has a “solid foundation” for healthy development over the long term, according to a statement on the central bank’s website.
Volatility in the industry has limited impact on the financial system, said Pan, and efforts to resolve local debt risks are showing results. He vowed to continue efforts to open the financial sector, according to the statement, which did not provide details.
The world’s second-largest economy has reported solid data to 2024, with growth in exports, industrial production and investment beating expectations. That has reduced the urgency for authorities to add stimulus in the short term, though economists say more policy support is needed to reach the ambitious economic growth target of around 5 per cent this year.
Georgieva said at the forum that China could see additional growth of 20 per cent over the next 15 years if it conducts reforms to address a broad range of issues including the property market woes, domestic consumption, the business environment, the regulatory framework for artificial intelligence and electricity pricing.
International CEOs including Apple’s Tim Cook, Pfizer’s Albert Bourla and FedEx’s Raj Subramaniam were set to participate in panel discussions at the forum.
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