China's Premier Li: Economy is showing steady recovery

The economy is showing a steady recovery but the situation remains severe both at home and abroad, China's Premier Li Keqiang told the state media on Monday, as reported by Reuters.

Additional takeaways

"Will adopt a proactive fiscal policy, prudent monetary policy."

"Will strive to achieve full-year development target."

"Will ramp up credit supply, lower financing costs."

"China's economy this year faces unprecedented hit from the coronavirus pandemic and world economic recession."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, major European equity indexes were seen gaining between 0.9% and 1.13%.