China's Economic Resilience: On Course To Achieve 5% Growth, Says Premier Li Qiang

Chinese Premier Li Qiang has announced that China is on track to achieve its annual growth target of around 5%, despite some economic data missing analysts’ expectations. This announcement was made on Tuesday at the World Economic Forum’s Annual Meeting of the New Champions, held in Tianjin, China.

“China’s economy is clearly rebounding and improving this year,” Li stated, during a livestream that provided an official English translation.

CNBC reports that the Chinese economy grew by 4.5% in the first quarter, better than expected. However, subsequent data have pointed to slower growth. Despite this, Li remains optimistic about the country’s economic rebound and improvement.

Li’s confidence comes amid a change in leadership that saw him become premier in March, following a twice-a-decade leadership reshuffle in October that packed the core team with loyalists of Chinese President Xi Jinping. This follows recent tensions between the U.S. and China, with President Joe Biden referring to Xi as a dictator, a comment that sparked a strong response from China.

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Despite the geopolitical tensions and economic challenges, China remains a major trading partner of many countries in the world. This includes Russia, which has been increasing its crude oil exports to China following sanctions from Europe.

Investors interested in China’s economic performance might consider exchange-traded funds (ETFs) like the iShares China Large-Cap ETF FXI or the SPDR S&P China ETF GXC. These ETFs provide exposure to large and mid-sized companies in China.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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