Chinese economy facing slew of challenges over jobs, private sector: Premier Li

Beijing [China], May 12 (ANI): Chinese economy is facing a slew of challenges from job creation to government red tape and low efficiency in spite of strong recovery in the first quarter of 2021, the country's premier Li Keqiang told officials.
Li made the remarks during an annual national conference on clean governance on April 26, South China Morning Post reported on Sunday.
Though the country reported a record 18.3 per cent growth in gross domestic product for January to March, the Chinese government recognises that growth is on a weak footing and there are many challenges ahead. Last year, the coronavirus outbreak had shut down much of the economy and caused an economic contraction of 6.8 per cent.
Li said the economy had been stabilising, however, the vitality of market entities had not fully recovered.
Growing uncertainties over rising inflation and property prices, and tensions with the US, Australia and other nations that could affect grain and energy imports, he added.

"Those problems can impact economic stability, so we should pay close attention," he said.
According to a transcript published on Sunday night by the official Xinhua news agency, Li warned against complacency as he noted difficulties and challenges over employment, the private sector and government inefficiency and red tape.
"The foundation of our economic recovery is still shaky," Li told the officials. "Small and medium enterprises, as well as self-employed businesses, are suffering from rising costs, which means there is heavy pressure on employment."
China has this year targeted the creation of more than 11 million urban jobs and an urban unemployment rate of 5.5 per cent. Last year, it targeted 9 million new urban jobs but created 11.86 million, and targeted a 6 per cent urban unemployment rate but achieved 5.6 per cent, according to official statistics.
"It will not be easy to achieve this year's employment target," Li said at the April meeting.
In January, Xi told party officials at a meeting that corruption remained "the biggest threat to the [Communist Party's] rule".
In the latest case, Xiao Yi, vice-chairman of the Jiangxi provincial committee of top political advisory body the Chinese People's Political Consultative Conference, has been put under formal investigation for suspected serious violation of party discipline and laws. (ANI)