China economy set to grow faster in Q2, says Premier Li Qiang

China's economy was expected to grow faster in the second quarter than the first three months of the year, said Premier Li Qiang on Tuesday.

“We are on track to achieve the annual growth target of ‘around 5%’ that we set earlier this year,” he said at a World Economic Forum summit in Tianjin.

“We are fully confident and have the ability to promote the high quality development track of China’s economy over a long period of time.”

China’s economy grew by 4.5% in the first quarter, better than expected. However, subsequent data have pointed to slower growth, prompting fears of a hit to the global economy.

Reporting by Frank Prenesti for Sharecast.com