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BEIJING: China’s economy is recovering but the foundation of that recovery is not solid and more efforts are still needed, Premier Li Keqiang was quoted by state media as saying on Thursday.

The world’s second-largest economy has started a slow recovery from the supply shocks caused by extensive lockdowns since the second quarter, although headwinds to growth persist.

“At present, the economy is recovering, but the foundation is unstable. Hard work is needed to stabilize the economy,” Li was also quoted as saying during a meeting with senior officials from Shanghai, Guangdong, Fujian, Jiangsu and Zhejiang.

More efforts will be made to boost enthusiasm of officials at both central and local levels and keep the economy operating within a reasonable range, Li said.

Shanghai and the four provinces account for over a third of China’s economy, and play a key role in the central government’s transfer payments to poorer regions given their fiscal revenues account for nearly 40% of the total, Li said.

Yuan inches up on hopes China’s economy is regaining traction

The country’s most affluent regions are also vital in absorbing migrant workers and underpin their incomes, Li said.

China will continue to promote reforms and improve the business environment, and will keep opening up its economy to the outside world no matter how the international situation changes, Li added.

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