Leading Chinese planners voiced confidence on Wednesday in the outlook for the world’s second-largest economy, holding key interest rates steady amid signs of improvement in some areas such as services. The upbeat tone of officials speaking at a news conference in Beijing was in contrast to forecasts by the Asian Development Bank and the Organization for Economic Cooperation and Development, which say weakness in the Chinese economy are expected to further dent global and regional growth. Cong L
Leading Chinese planners voiced confidence on Wednesday in the outlook for the world’s second-largest economy, holding key interest rates steady amid signs of improvement in some areas such as services.
“Facts have fully proved that the decision-making arrangements of the party Central Committee and the State Council are correct and the macro-control policies are effective,” Cong said in the briefing, which was carried online. In a comment reminiscent of past decades, he said the West’s pursuit of material wealth led to “spiritual poverty.”
On Tuesday, the OECD lowered its global growth outlook by 0.2 percentage point to 2.7% in 2024, citing China's slowdown and real estate troubles.released Tuesday by the American Chamber of Commerce in Shanghai and the European Union Chamber of Commerce in China indicated confidence among global investors and companies operating in China has weakened.
“I believe that as long as the whole country is united and as long as we insist on doing our own thing well, there will be no obstacles that China cannot overcome in its development,” Cong said.
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