by Kevin Yao
TIANJIN (Reuters) – China’s economy will grow faster in the second quarter than in the first three months of the year and is expected to hit the annual growth target of 5%, Chinese Premier Li Qiang said on Tuesday. at the World Economic Forum in Tianjin.
“We will launch more practical and effective measures to accentuate domestic demand, activate market vitality, promote coordinated development, and promote quality opening up to the outside world,” Li Qiang said.
Yet several banks lowered their growth forecasts for the world’s second-largest economy after manufacturing activity and retail sales grew slower than expected in May, indicating Beijing will need to take more action to revive its economy after the pandemic. .
Chinese GDP grew by 4.5% over one year during the first three months of the year, but the momentum has since stalled.
However, analysts expect second-quarter growth to look solid compared to the same period last year, marked by lockdowns that crippled the Chinese economy.
(Reporting by Kevin Yao; Zhifan Liu, editing by Kate Entringer)
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