The officials acknowledged daunting challenges in reviving economic growth, but were united in predicting that the ruling Communist Party will ensure that the slowdown is temporary
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. Still, China’s leaders have moved to shore up growth and encourage spending and investment. That includes cutting reserve requirements for some banks and lifting restrictions on real estate transactions in smaller cities.
Job losses during and after the pandemic have also stunted the recovery, leaving about one in five young Chinese unemployed and further biting into consumer demand. The groups appealed to the Chinese government to provide more clarity about rules, saying uncertainty is a growing problem.
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Chinese officials voice faith in economy and keep interest rates steady as forecasts darkenLeading 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
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