Premier Li Qiang: China weathered external shocks, stabilized overall economy

Chinese Premier Li Qiang said China effectively withstood external shocks and stabilized its overall economic performance over the past year, according to a government work report submitted Thursday to the country's top legislature for deliberation. 

When delivering the report at the fourth session of the 14th National People's Congress, Li noted that the achievements of the past year were hard-won as the country faced rare external shocks, including rising unilateralism and protectionism, alongside a complex domestic environment marked by deep economic transformation.

He said the central government responded calmly and decisively, pursuing firm and effective economic and trade engagement to safeguard national interests. Five rounds of China-US economic and trade consultations produced positive results, and the meeting between the two heads of state in Busan reached important consensus, injecting greater stability into bilateral economic cooperation.

Domestically, the government implemented a coordinated package of policies and strengthened counter-cyclical macroeconomic adjustments, prioritizing efforts to stabilize employment, businesses, markets and expectations while focusing on managing its own affairs well.

Li said that by preparing for the worst while striving for the best, China not only stabilized its macroeconomic fundamentals and achieved new progress in high-quality development, but also significantly boosted morale and confidence across society.