China’s Premier Li Keqiang pledges faster growth after third-quarter expansion was ‘no easy feat’

Premier Li Keqiang urged measures to address a lack of effective demand and to boost consumption to drive growth during a State Council meeting on Wednesday

China’s economic growth accelerated to 3.9 per cent in the third quarter, year on year, up from the 0.4 per cent expansion seen in the second quarter

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Premier Li Keqiang confirmed his retirement at last week’s 20th party congress. Photo: EPA-EFE

Published: 1:51pm, 28 Oct 2022

Chinese Premier Li Keqiang reiterated pledges to stabilise the economy and stimulate demand to lift growth in the final quarter of the year.

It was “no easy feat” to ensure economic growth in the third quarter, Li said at the conclusion of a State Council meeting held on Wednesday, according to an official readout published late on Thursday.

Li, who has confirmed he will step down as premier, said it is crucial to implement measures addressing the lack of effective demand and to boost consumption so that it can be a key driver of growth.

Financial and fiscal policies should support the construction of major projects and the renewal of equipment, with Li urging more work to begin in the fourth quarter.

The comments, largely a reiteration of previous pledges, follow data this week showing economic growth accelerated to 3.9 per cent in the third quarter, driven by a pickup in infrastructure investment and stronger industrial output.