tirsdag 29. desember 2020

The foundation of China’s economic recovery is ‘not yet solid,’ leaders say at planning meeting

Chinese leaders warned at an important economic planning meeting last week that growth still faces many challenges. While the rest of the world still struggles with the shock of the coronavirus pandemic, China is set to be the only major economy to expand this year.

President Xi Jinping, Premier Li Keqiang and other leaders who attended the Central Economic Work Conference from Dec. 16 to 18 were buoyant about China’s relative successes, while remaining cautious on major changes to stimulus policies, according to state media. The annual gathering sets development priorities for the upcoming year. Analysts who followed the meeting said it provided little in the way of policy changes or new information. Chinese state media coverage of the meeting played up the country’s recent successes, but also warned about the changes wrought by the pandemic and uncertainties abroad.

“The foundation of our economic recovery is not yet solid,” the report said, according to a CNBC translation of the Chinese text.