Premier Li Qiang said on Monday he has full confidence in China's economic prospects, as he took questions from the media after the conclusion of the first session of the 14th National People's Congress, China's top legislature, China Daily reported. Responding to how to achieve an annual economic growth target of around 5 percent in 2023, Li said the country will introduce a number of policy combinations in terms of macro policies, measures for expanding demand, policies for advancing reform and innovation and policies for preventing and defusing risks. He said the global economic prospect is not optimistic this year with many factors of instability and uncertainty as well as unpredictable factors.

China also faces quite a number of new challenges to achieve the around 5 percent growth target on a high base in the previous year, which is not an easy task and requires redoubled efforts, according to Li.

When it comes to the drivers and drags on the Chinese economy, Li said China's economic development is supported by quite a number of favorable conditions, including an ultra-large market, a well-functioning industrial system, a rich supply of human resources, a strong development foundation and notable institutional strength, according to China Daily. Citing China's economic performance in the first two months of 2023, Li said the Chinese economy is stabilizing and picking up, and some international organizations have also upgraded their forecasts for China's growth prospects this year. Despite the challenges ahead, Li said he has full confidence in China's growth prospects in 2023.