China's premier 'fully confident' of hitting growth targets

BEIJING

China's Premier Li Qiang speaks during the opening ceremony of the China International Import Expo in Shanghai on Nov. 5, 2024.

Chinese Premier Li Qiang said on Tuesday he was "fully confident" the country would hit its economic goals this year, lauding recent stimulus measures and suggesting there was still room for more.

China's leaders have set an annual growth target of around 5 percent, but in the third quarter the country saw its slowest expansion in a year and a half as its post-pandemic recovery remained stubbornly uneven.

The government has announced a raft of measures aimed at boosting activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have criticised the lack of detail so far.

Observers hope a specific figure for the stimulus could emerge from this week's meeting of the Standing Committee of National People's Congress, the top body of China's rubber stamp parliament.

"We are fully confident in the realisation of this year's goals and the development of China's economy in the future," Li said Tuesday at the opening ceremony of a major international trade show in Shanghai.

"China's major economic indicators have rebounded across the board, market confidence has increased significantly, social expectations have improved significantly, and there have been many positive changes in economic operation," he said.

There have been glimmers of hope for the economy recently, including China's manufacturing output expanding for the first time in six months in October.

Li suggested that officials still had room to manouevre when it came to further measures.

"There is a relatively large space for financial and monetary policies, and the policy tools are even more abundant," he added.