2023-06-27 05:48:43
BEIJING (AP) — China’s premier reported accelerating economic growth in the past quarter on Tuesday and expressed confidence that he might meet the ruling Communist Party’s official target of 5 percent for the year.
Speaking at an economic forum in the eastern city of Tiajin, Li Qiang did not give figures for the three months ending in June, but said it was stronger than the previous quarter’s 4.5%.
The world’s second-biggest economy has rebounded from unusually weak growth of 3% in 2022 following the end of travel and business controls imposed due to the coronavirus pandemic. But those gains dissipated faster than expected. Consumer and factory activity weakened in May and youth unemployment soared to record highs.
“The second quarter is expected to be faster than the first,” Li said in a speech at the World Economic Forum. “We hope to achieve the economic growth rate of around 5% determined at the beginning of the year.”
Private sector forecasters expect China’s economic output to rise by at least 5% this year, but some have cut their outlook following weak activity in May.
President Xi Jinping’s government appears to be avoiding large-scale economic stimulus to avoid another rise in debt that Beijing fears is dangerously high.
Retail sales growth slowed in May to 12.7% year-on-year, from 18.4% the previous month. Growth in industrial production slowed following interest rate hikes in the United States and Europe to curb inflation. Exports in May sank compared to the same period in 2022.
A government survey showed that unemployment among the young population of the cities reached a record figure of 20.8%.
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