The Chinese government has promised significant economic reforms

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China intends to implement reforms that could help stimulate the growth of the second largest economy in the world, as stated by the country’s Prime Minister Li Qiang, Reuters reports.

According to Li, geopolitical tensions will hamper the development of the economy worldwide and in China itself.

Li’s comments at an international business summit can be seen as the latest calls to Beijing to accelerate the economic recovery against the backdrop of increased tensions with the US and their allies.

“Regardless of the changes occurring in the world, we will always adhere to reform and openness,” Li said. “We will introduce a series of new measures to expand market access and optimize the business environment.”

The country’s economy was hit by the 3-year coronavirus restrictions before ending in December, and there are already signs that the economic recovery has begun.

China’s target for GDP growth is modest at around 5% this year, which is lower than what the International Monetary Fund and some private forecasters believe it can achieve.

The Prime Minister noted some improvement in the situation in March compared to January and February. In particular, key economic indicators such as consumption and investment have improved, while employment and prices overall are stable.

In veiled comments addressed to the United States, who are working with their allies to block China’s access to advanced technologies such as microchips, Li said that Beijing is opposed to trade protectionism and division.

China-US relations have been tense for many years and worsened last month after an incident with a Chinese probe in US airspace.