China's Premier offers bleak outlook as hope of meeting GDP target fades

Latest official data showed a contraction in industrial output for the first time since 2020 and a jump in the surveyed jobless rate to 6.1% in April, close to a record

China’s Premier Li Keqiang gave his starkest warning yet about the economy as it comes under severe strain from Covid outbreaks and lockdowns, suggesting the government’s growth target is moving further out of reach.

Li held an emergency meeting on Wednesday with thousands of representatives from local governments, state-owned companies and financial firms, calling on them to do more to stabilize growth. He said the economy is in some respects faring worse than in 2020 when the pandemic first emerged and urged more efforts to reduce a soaring unemployment rate. 

Li’s warnings add to expectations that Beijing may admit to