BEIJING, March 13 (Xinhua) -- Chinese Premier Li Qiang said Monday that the notable institutional strength is one of the advantages for China's economic development.

China is facing multiple advantages and disadvantages in its economic development, Li told a press conference after the conclusion of the first session of the 14th National People's Congress.

Its huge market, complete industrial system, rich supply of human resources, solid development foundation, and institutional strength have been supporting the country's development, Li said.

Noting that disadvantages are challenging not only China but also the rest of the world, Li said the Chinese people have always managed to pull through difficult times and achieve new progress.

Citing several stories of Chinese heroes, the premier highlighted that Chinese people, with resilience, tenacity and perseverance, have never been overwhelmed by any difficulty.

Li said the economic performance over the past about two months has demonstrated that the Chinese economy is stabilizing and picking up again, and some international institutions have raised their forecasts for China's 2023 economic growth.

"I believe the Chinese economy will brave the wind and waves and sail toward a brighter future," Li said.