China’s Premier Li: We are confident and capable to achieve the full year growth target of around 5%

China’s Premier Li Qiang expressed his take on the economy in his speech on Tuesday.

Key quotes

We are confident and capable to achieve the full year growth target of around 5%.

Electric vehicles, lithium batteries produced by Chinese companies have not only met domestic demand but enriched global supply.

We should build a more fair non-discriminatory business environment for tech innovation.

We should face up to the difficulty of global economic growth.

Weak global economic growth momentum hit by COVID, high inflation, increasing debt.

Decoupling and protectionism will only raise economic operation costs for the world.

We should seize the new opportunities of the tech revolution and industrial transformation.

Shaking off the difficulty of growth needs new sources of growth drivers.

The fast rise of emerging industries in China follows the trend of global tech revolution, green development.

Chinese products first satisfy domestic demand, ease global inflation pressure, and help deal with global climate change.