China relies on economic stimulus and sees “upward trend”

China’s Premier Li Keqiang

The Prime Minister has announced a new package of measures.

(Photo: AP)

Beijing In view of the gloomier economic prospects, China is counting on further start-up aid for the economy. Beijing leaders will push ahead with implementing a package of measures to stabilize the economy to achieve better results later in the year, Premier Li Keqiang announced.

In the past three quarters, the economy has grown by three percent and is stabilizing in an “uptrend”. Creating new jobs is also a priority, Li said at a meeting with the head of the International Monetary Fund (IMF), Kristalina Georgieva, on Saturday on the sidelines of the ASEAN summit in Cambodia, the Chinese foreign ministry said on Sunday.

China’s government is targeting gross domestic product (GDP) growth of around 5.5 percent this year. In the past year, an increase of 8.1 percent was achieved, as the export world champion from the recovery of the global Economy benefited from the Corona crisis.

But although the government has been supporting the economy with numerous measures since the end of May, the rigid zero-Covid policy and the global economic slump have recently slowed down world trading power. In October, for the first time in almost two and a half years, both exports and imports fell – another sign that the once booming economy is getting into trouble.

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Domestic demand was weighed down by the ailing real estate market and, above all, by new corona lockdowns. In view of this, the government only relaxed its strict corona course on Friday.

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