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China on track to hit its growth target, Li Qiang says at WEF Tianjin

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Chinese Premier Li Qiang attends a meeting on June 26, 2023, with the Director-General of the World Trade Organization ahead of the World Economic Forum New Champions meeting in Tianjin, China.

Pool | Getty Images News | Getty Images

BEIJING — Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%.

He said growth in the second quarter was expected to be faster than it was in the first.

China’s economy grew by 4.5% in the first quarter, better than expected. However, subsequent data have pointed to slower growth. Economic data for May missed analysts’ expectations.

“From what we see this year, China’s economy shows a clear momentum of rebound and improvement,” Li said, via a livestream of an official English translation.

Li was speaking at the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions.

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The conference will run from Tuesday to Thursday in Tianjin, China. This year’s gathering marks the first time since the pandemic that the World Economic Forum’s annual China conference is being held in person.

Li became premier in March, following a twice-a-decade leadership reshuffle in October that packed the core team with loyalists of Chinese President Xi Jinping.

China announced its growth target of about 5% for the year in March.

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