Chinese officials voice faith in economy and keep interest rates steady
Leading Chinese planners have voiced confidence 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
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.
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 Liang, vice chairman of China’s chief planning agency, the National Development and Reform Commission, told reporters that the country’s resilience during past crises was grounds for confidence and that improved factory output and tourism figures show the economy is on the mend.
He and the other senior economic officials did not present significant new data. They acknowledged daunting challenges in reviving growth, but were united in predicting that the ruling Communist Party will ensure that the slowdown is temporary.
“Facts have fully proved that the decision-making arrangements of the party Central Committee and the State Council (China's cabinet) are correct and the macro-control policies are effective,” Cong said in the briefing, which was carried online.
After three years of disruptions from the coronavirus pandemic, China's economy is still affected by both domestic and global factors, and “economic recovery will inevitably be a process of wave-like development and tortuous progress,” he acknowledged.
In a speech published last
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