China's economy improves in March, will consolidate recovery, says Premier Li


China's newly-elected Premier Li Qiang takes an oath after being elected during the fourth plenary session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China on March 11, 2023. GREG BAKER/Pool via REUTERS

BOAO, China: China's economic performance has improved in March from the first two months and the country will expand domestic demand and consolidate its economic recovery, Premier Li Qiang said on Thursday at an economic forum in Boao.

No matter how the world situation is evolving, China will remain committed to reforms and opening up, Li said at the Boao forum in the southern island province of Hainan.

"Judging from the situation in March, it's better than in January and February. In particular, major economic indicators such as consumption and investment continue to improve, while employment and prices are generally stable," Li said.

"In the next step, we will continue to adhere to the principle of stability, seek progress while maintaining stability, consolidate and expand the momentum of economic recovery, and promote the continuous overall improvement of China's economic performance."

China, the world's second-largest economy, is gradually recovering from pandemic curbs which were abruptly dropped in December, but the rebound has been uneven.

China has set a modest annual growth target of around 5% this year after significantly missing its target for 2022.

Premier Li also said chaos and conflicts must not happen in Asia or the future of the region would be lost.

China offers an "anchor" for global peace and development in the uncertain world, Li said. - Reuters

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