DRC President Li Wei meets the press after the ministers’ passage of this year’s NPC and CPPCC on Mar 12.[photo/drc.gov.cn]
DRC President Li Wei met the press after the ministers’ passage of this year’s NPC and CPPCC on March 12. Li said that the Chinese economy is transitioning from a period of lower growth rates to one of increasing quality of growth.
Li used a metaphor to describe the change, saying the Chinese economy is transiting from the vertical part of the letter “L” to its horizontal part, which symbolizes a more stable growth trend.
According to Li, many recent changes in the Chinese and global economy mean there is a lower risk of downside economic growth. Globally, the PMI of the manufacturing industry is rising again; emerging markets are seeing positive growth momentum after five years of decline, and different international organizations, including the International Monetary Fund, estimate that economic growth will be seen in developed countries and emerging markets.
China’s employment rate is better than those of previous years, and the PPI has been increasing for eight months. In addition, international trade has increased after two years of decline, and the quality and efficiency of the Chinese economy is improving.
Li also said that temporary fluctuations may occur despite the long-term stable economic development trend. “China still has a lot of problems to solve in economic development. We should make full preparations for potential economic risks,” said Li.