the Prime Minister “fully confident” of reaching 5% growth this year

Chinese Premier Li Qiang said Tuesday “fully confident” of the possibility of achieving the 2024 economic objectives, welcoming the recent recovery measures and suggesting that more could still be taken. The government aims to achieve «environ 5%» growth this year. But the post-Covid recovery is laborious and China experienced, over the July-September period, its lowest quarterly growth in a year and a half.

Authorities have announced measures to stimulate activity, including rate cuts and the easing of restrictions on home purchases. But many analysts have criticized the absence for the moment of a major quantified recovery plan. Such an announcement could come this week, after a meeting of the standing committee of the National People’s Congress, the main body of Parliament – effectively subservient to the ruling Chinese Communist Party (CCP).

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“Welcome” measures

“We are fully confident in achieving this year’s targets and the growth of the Chinese economy in the coming period”Li Qiang said Tuesday in Shanghai. Conductor of economic policy as Prime Minister, he spoke at the opening ceremony of the China International Import Fair (CIIE), a major annual trade event which brings together a large number of foreign companies. Li Qiang said recent economic stimulus measures have been “welcome”.

“Recently, China’s main economic indicators have generally rebounded, market confidence has increased significantly (…) and the economy has experienced many positive changes”he congratulated himself. There have been glimmers of hope in the economy recently. Factory activity thus increased last month, for the first time since April, according to official figures published last week. Li Qiang suggested on Tuesday that authorities still had room to take further measures. “We are facing downward pressure on the economy” more “there is still space for fiscal and monetary measures”he declared.