China's No. 2 leader says economy improved in March
China's new No. 2 leader said Thursday its economic recovery improved in March and tried to reassure foreign companies the country is committed to opening to the world.
Premier Li Qiang spoke before an international audience of businesspeople and politicians as the government tries to revive business and consumer confidence after anti-virus controls that isolated China were abruptly dropped in December.
The economy showed "encouraging momentum of rebounding" in January and February, Li said at the Boao Forum for Asia on the southern island of Hainan.
"The situation in March is even better," Li said. He said consumption and investment picked up and "market expectations improved."
Chinese retail sales rose 3.5% over a year earlier in January and February, recovering from December's 1.8% contraction, government data showed earlier. Spending on restaurants rose 9.2%. Growth in investment in real estate and other fixed assets accelerated to 5.5% from December's 5.1%.
Li's audience included Prime Ministers Lee Hsien Loong of Singapore, Pedro Sanchez of Spain and Anwar Ibrahim of Malaysia and International Monetary Fund Managing Director Kristalina Georgieva.
A former Communist Party secretary for Shanghai, Li took office earlier this month in a once-a-decade change of government that installed loyalists of Chinese leader Xi Jinping to enforce his vision of tighter political control over the economy and society.
The premier sought to counter unease about growing state dominance in the economy and tension with the United States over security, technology and trade.
"No matter how the world situation may evolve, we will stay committed to reform, opening up and innovation-driven development," Li said. "We welcome countries around the world to share in the opportunities and benefits that come with China's development."
Li called China a global "anchor of peace," a statement that conflicts with the ruling Communist Party's military buildup and menacing behavior toward Taiwan, Japan and other neighbours.
The military budget, the world's second-largest after the United States, was increased this month for a 29th straight year. Xi's government has stepped up efforts to intimidate Taiwan, which Beijing claims as part of its territory, by flying fighter jets and firing missiles into the sea near the self-ruled island democracy.
"To achieve greater success, chaos and conflict must not happen in Asia," the premier said. "Otherwise, the future of Asia would be lost."
MORE Business News
opinion | Is it a good time to buy a new vehicle?
If you're like many would-be vehicle shoppers, you may be wondering when prices will finally drop. The good news is that the vehicle market seems to be finally stabilizing, says personal finance contributor Christopher Liew.
opinion | How to get the most out of your grocery rebate
Personal finance contributor Christoper Liew shares the latest information about who’s eligible for the grocery rebate, when they can expect their payments, and some helpful tips on making the most of your grocery rebate.
opinion | Dos and don'ts of money while travelling
As a former financial advisor, I’ve always been fascinated by how the 'culture' around money differs from one region of the world to another,' writes personal finance commentator Christopher Liew. 'Today, I’ll outline some of the interesting money habits that I’ve noticed while travelling the globe, starting with some of our own!'
opinion | How much of a raise should you ask for in a time of high inflation?
With the rising cost of food and living expenses, you might be considering asking for a raise. On CTVNews.ca, personal finance contributer Christopher Liew explains how inflation could determine the extent of your raise, as well as other key factors.
opinion | Top sources of passive income for Canadians looking to earn more
On CTVNews.ca, personal finance contributor Christopher Liew explores some of the top sources of passive income in Canada, for those looking to increase their earnings.
Owe money to the CRA? Here are some repayment options
Getting an income tax refund can be a happy bonus for your household budget, but an unexpected tax bill can be an unpleasant surprise, especially if you don't have the cash on hand to pay it.
Canadians with celiac disease especially hard hit by grocery price pain, group says
Those prices have been increasing even more along with the rising cost of groceries overall. Celiac Canada says gluten-free products cost between 150 and 500 per cent more than their regular gluten-containing equivalents.
Why lettuce prices are rising in Canada
Canadians may notice a lack of leafy greens at grocery stores and restaurants, as lettuce prices spike and shortages loom.