China’s Premier Vows to Achieve Economic Targets Despite Disappointing Data
China’s Premier Li Qiang announced on Wednesday that the country is determined to meet its economic goals for the year, according to an official statement.
This statement came after China released data for July, which fell short of expectations. As a result, some economists are concerned about the potential risks to China’s target of approximately 5% GDP growth. In the first half of the year, GDP increased by 5.5% compared to the previous year.
Li Qiang, the head of China’s State Council, addressed these concerns during a council meeting. He emphasized the importance of expanding domestic demand and promoting consumption. Additionally, he stressed the need to balance security and development when it comes to overall business promotion.
Li’s remarks were translated by .
The statement briefly mentioned the need to create more jobs through various channels but did not touch upon the property market.
Market concerns regarding the potential impact of China’s massive real estate sector on the overall economy have resurfaced recently, particularly due to the financial difficulties faced by major developer Country Garden.
