Chinese Vice Premier: China's economy better than expected

Watch Video

Play Video

Chinese Vice premier Li Keqiang says the country's economic recovery has strengthened and is better than expected. But he has also warned about the weak foundations for a global recovery, and criticized protectionism.

Li Keqiang echoed market expectations after previously released third quarter economic figures showed growth has accelerated to 8.9 percent.

Li Keqiang, Chinese Vice premier, said, "The momentum of China's economic recovery has been consolidated and economic development is better than expected at the beginning of the year."

China set its annual GDP growth rate target at 8 percent but the international community feared it was out of reach as the rest of the world struggled with recession. China's first quarter growth slowed to 6.1 percent. But the second and the third quarters saw a 7.9 and 8.9 percent increase. The last quarter is expected to hit more than 9 percent as the record 4 trillion yuan stimulus package continues to have an impact on domestic investment and consumption. But the Vice Premier warns of economic uncertainties and criticized trade protectionism.

Li Keqiang said, "Trade protectionism is obviously on the rise. The phenomenon of using tariffs to raise the threshold for market access is growing. This will hinder the world economic recovery and harms the relationship between countries. This is something that hurts others and does not benefit them and we will never do that."

Li Keqiang, Chinese Vice premier