Chinese Premier Li Qiang reiterates confidence in his country's growth potential

Chinese Premier Li Qiang stated that his country can maintain a "relatively fast" growth rate during its economic transformation process. Li emphasized that as China evolves from a production-oriented economy into a large consumer market, its economic momentum will continue.

Premier Li stated, "We are confident in our ability to maintain a relatively fast growth rate for the Chinese economy. The Chinese economy showed a steady recovery in the second quarter. No matter how the international environment develops, the Chinese economy has steadily maintained its strong growth momentum."

Li also said that China's transformation from a major manufacturing power into a massive consumer market will create new and vast opportunities for businesses from many countries. "This will open up vast and untapped markets for businesses from many countries," he said.

The Chinese administration has set a growth target of approximately 5 percent for 2025. However, many analysts are of the opinion that this target will be difficult to achieve. According to forecasts by Oxford Economics, China's average annual GDP growth in the current decade is expected to fall to 4.5 percent, half of the average in the 1999-2019 period, and is expected to drop to 3 percent in the next decade.

China's economic transformation process and growth targets continue to be closely monitored in global markets.

News Source: 12punto