China Premier Li: The foundation of recovery isn't solid

Chinese Premier Li Keqiang’s meeting with local government leaders and his comments were first reported by state TV late Monday with additional details in the Beijing News published on Tuesday.

Key comments from Premier Li:

The economy has had a stable start to the year and some important indicators have seen positive changes

Fixed-asset investment is rebounding and the manufacturing PMI is back above the 50 level into expansion territory

Daily electricity output, electricity usage and cargo shipments are all up from the previous quarter while consumption and corporate profitability are better than expected

However, the foundation of recovery isn't solid and downside pressure remains relatively significant

The government is consolidating the foundations of recovery and helping positive factors to keep economic growth in a reasonable range.