The Premier of the State Council of the People's Republic of China (head of government) Li Qiang, speaking at the World Economic Forum in Tianjin, known as "Summer Davos", announced the acceleration of economic growth in the second quarter and stressed that the goal of achieving growth by the end of the year by 5%, set by the Communist Party, will be performed. The Chinese premier, who is considered the second man in China after Chinese President Xi Jinping, did not give figures, perhaps because the current quarter has not yet ended, but said that compared to the first three months of the year, when GDP grew by 4.5%, the development economy accelerated.

Now the attention of the entire planet is riveted to China, to how the Chinese economy is recovering after the lifting of coronavirus restrictions at the end of last year. The state of the second economy of the planet, which showed extremely low growth for itself in 2022 due to lockdowns - only 3%, to a large extent depends on the state of the global economy. The data show that so far the Chinese economy is not living up to its hopes: consumer and factory activity weakened in May, while youth unemployment, on the contrary, rose sharply. Against this background, investors and analysts unanimously lower their forecasts for China's GDP growth for this year. However, the leadership of the Celestial Empire is clearly in a more optimistic mood.

"The second quarter is expected to be faster than the first," Li Qiang was quoted as saying by the Associated Press (AR). "We expect the economy to grow by 5%, determined at the beginning of the year."

The Lee government is, at least for the moment, in no hurry to launch a full bailout program, fearing a further rise in debt, which Beijing believes is already dangerously high.

May figures really disappointed many. The growth of retail sales in the last spring month slowed down in annual terms to 12.7%. In April, reminds AP, it was significantly higher - 18.4%. Growth in factory production declined after repeated hikes by the Fed in the US and the European Central Bank in Europe. The fight against high inflation, which is declining very slowly, has led to a decrease in demand for Chinese goods. China's exports in May also decreased compared to May 2022. As for youth unemployment, an anti-record was recorded - every fifth (20.8%) young Chinese cannot find work in cities.

Li Qiang's optimistic statement can be tested next month, when preliminary data for the second quarter will appear.