China's economic growth in the second quarter will be higher than the first and was projected to reach the annual economic growth target of around 5 per cent, China's Prime Minister Li Qiang told delegates at the World Economic Forum gathering in Tianjin on Tuesday.
As factory output slows amid weak external and domestic demand, Mr Li said China will roll out more effective policies to expand domestic demand and open markets, as well as continue to act as a strong driving force for the global economy.
However, analysts are now downgrading their economic growth forecasts for China for the rest of the year.
Several major banks have cut their 2023 gross domestic product growth forecasts after May industrial output and retail sales data missed forecasts and indicated that Beijing will need to take further steps to shore up a shaky post-Covid recovery.
The pandemic is unlikely to be the last public health crisis the world faces, said Mr Li.
The trend of globalisation remains intact despite some setbacks, he said, reiterating a key theme of his since taking up his post in March. He insists that China remains open for business and welcomes foreign investors.
Effective communications and exchanges are vital and countries should strengthen dialogue and communications to avoid misunderstanding, said Mr Li.
He warned governments against politicising their economies saying it would only fragment the world, as the US and Europe press ahead with plans to “de-risk” their supply chains from the Asian nation.
“Some in the West are hyping up the so-called phraseologies of reducing dependencies and de-risking,” China’s No. 2 official said at the WEF's Annual Meeting of the New Champions in the coastal city close to Beijing in northern China.
It’s the first in-person gathering of the forum – often described as the “Summer Davos” conference – since 2019 following the end of Covid restrictions.
“These two concepts are false propositions. As economic globalisation has already made the world economy an integral whole where everyone’s interests are closely intertwined,” Mr Li added.
He also called on countries to co-operate as global challenges and regional conflicts keep flaring up.
His comments come as China and the US try to manage an increasingly fragile relationship, plagued by disagreements on trade and human rights, and as Russia’s war in Ukraine led to an attempted military uprising over the weekend, casting further doubt over the future stability of global energy markets.
Mr Li’s address was a rare opportunity to hear China’s Prime Minister lay out his roadmap for the world’s second largest economy, as it faces challenges in youth unemployment, domestic consumption and an increasingly fractured geopolitical environment.
Since taking office, Mr Li has held one public press conference in China and only made a handful of speeches.
Business executives and investors will be listening closely to Mr Li’s assessment of China’s economy for any hints Beijing may step up stimulus amid mounting evidence of a slowdown in growth.
Mr Li chairs the State Council, China’s cabinet, which said earlier this month it’s studying new support measures to boost the economy.
Investors have been on high alert for an announcement since the central bank’s recent interest rate cut in June, although policymakers have been slow to follow up with any specific steps.
Mr Li’s speech comes after he travelled to Europe last week to meet with leaders from Germany and France, in a bid to reset ties with China’s major trading partners.
In his first overseas trip as Prime Minister, Mr Li shared a stage with US Treasury Secretary Janet Yellen, who plans to visit Beijing in early July for the first high-level economic talks, people familiar with the scheduling said.
The US and European allies are seeking to reduce their supply chain reliance on China in order to “de-risk” their economies, an approach that Beijing has criticised as a form of decoupling that it says would be harmful to growth and investment.
Mr Li is seeking to lure foreign investors amid a slump in sentiment.
Foreign direct investment declined in recent months, reversing the first-quarter’s gains. A recent survey by the EU Chamber of Commerce shows that a record share of European companies say doing business in China is getting more difficult.
The three-day event will be attended by leaders from the worlds of economics and politics, including New Zealand Prime Minister Chris Hipkins, Director General of the World Trade Organisation Ngozi Okonjo-Iweala, and Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim.
Agencies contributed to this report
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
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%3Cp%3E%E2%80%A2%20Juice%20jacking%2C%20in%20the%20simplest%20terms%2C%20is%20using%20a%20rogue%20USB%20cable%20to%20access%20a%20device%20and%20compromise%20its%20contents%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20exploit%20is%20taken%20advantage%20of%20by%20the%20fact%20that%20the%20data%20stream%20and%20power%20supply%20pass%20through%20the%20same%20cable.%20The%20most%20common%20example%20is%20connecting%20a%20smartphone%20to%20a%20PC%20to%20both%20transfer%20data%20and%20charge%20the%20former%20at%20the%20same%20time%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20term%20was%20first%20coined%20in%202011%20after%20researchers%20created%20a%20compromised%20charging%20kiosk%20to%20bring%20awareness%20to%20the%20exploit%3B%20when%20users%20plugged%20in%20their%20devices%2C%20they%20received%20a%20security%20warning%20and%20discovered%20that%20their%20phones%20had%20paired%20to%20the%20kiosk%2C%20according%20to%20US%20cybersecurity%20company%20Norton%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20While%20juice%20jacking%20is%20a%20real%20threat%2C%20there%20have%20been%20no%20known%20widespread%20instances.%20Apple%20and%20Google%20have%20also%20added%20security%20layers%20to%20prevent%20this%20on%20the%20iOS%20and%20Android%20devices%2C%20respectively%3C%2Fp%3E%0A
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
