The nation’s new premier Li Qiang on Monday said the country needs to further enhance its scientific and technological innovation capabilities and focus on high-quality development.

Though the nation's economy shows trends of stabilisation and recovery, authorities will need to accelerate the construction of a modern market system, and it will "unswervingly deepen reform and opening up", Li said at a news conference in Beijing at the end of the National People's Congress.

The premier said developing the economy is the fundamental solution for creating jobs, and that authorities will continue to pursue an employment-first strategy.

However, Li warned that the world economic situation this year is not optimistic, with many unstable and unpredictable factors, adding it may not be easy to achieve the country's GDP target of 5 percent growth, already one of Beijing's lowest in years.

"I'm afraid that reaching our growth target of around 5 percent will be no easy task, and will require that we re-double our efforts," he said.

The premier did express confidence towards the longer-term economic prospects.

"As the economic performance in the first two months of this year demonstrates, the Chinese economy is stabilising and picking up again, and some international organisations have also revised upward their projections for China's economic growth this year.

"To sum up, I believe the Chinese economy will break winds and waves and sail toward a brighter future. I have full confidence in that."

Meanwhile, Li slammed what he called US "encirclement and suppression".

"China and the United States should cooperate, and must cooperate. When China and the US work together, there is much we can achieve."

The premier said bilateral trade reached a record US$760 billion last year, which showed that the two countries should work together.

He added: "Encirclement and suppression are not advantageous for anyone." (Agencies)
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Last updated: 2023-03-13 HKT 12:17