{"id":245820,"date":"2023-06-27T09:15:39","date_gmt":"2023-06-27T09:15:39","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245820"},"modified":"2023-06-27T09:15:39","modified_gmt":"2023-06-27T09:15:39","slug":"premier-expresses-optimism-for-chinas-economic-growth","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/premier-expresses-optimism-for-chinas-economic-growth\/","title":{"rendered":"Premier Expresses Optimism for China&#8217;s Economic Growth"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; China&#8217;s Premier Li Qiang expressed optimism about the worldwide <a href=\"https:\/\/www.cnn.com\/2023\/06\/23\/economy\/china-europe-ties-airbus-bmw-intl-hnk\/index.html\">second-highest\u00a0<\/a>economy&#8217;s growth. He predicted the growth in the second quarter of 2023 would be higher than in the first quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re on track to achieve the annual growth target of around 5% that we set earlier this year,\u201d he said. He made the remarks during the World Economic Forum (WEF) summit in Tianjin, northern China. \u201cWe are fully confident and have the ability to promote the high-quality development track of China\u2019s economy.\u201d<\/p>\n<p style=\"text-align: justify;\">Li&#8217;s remarks come as Beijing faces rising economic challenges. After an impressive 4.5% growth in the first quarter, China&#8217;s recovery has stalled in numerous sectors. Manufacturing, real estate, retail, and services are among the industries affected.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Reduced Forecast<\/strong><\/h3>\n<p style=\"text-align: justify;\">S&amp;P Global reduced its 2023 expansion forecast for China\u00a0to 5.2%, down from 5.5% previously. It was the first time in 2023\u00a0that an international credit rating agency reduced the country&#8217;s\u00a0expansion\u00a0forecast. The key risks, according to its analysts, are consumer and housing market confidence.<\/p>\n<p style=\"text-align: justify;\">Earlier this month, an array of Wall Street banks reduced\u00a0their forecasts as well. The recovery ignited by China&#8217;s post-Covid resuming in the first quarter appeared to have faded in the April-to-June period, according to Goldman Sachs, which reduced the country&#8217;s\u00a0yearly forecast to 5.4% from 6%.<\/p>\n<h3 style=\"text-align: justify;\"><strong>China\u2019s Strategies and Measures<\/strong><\/h3>\n<p style=\"text-align: justify;\">The People&#8217;s Bank of China reduced\u00a0its main benchmark lending rates for the first time in ten months to boost growth. Many analysts, however, advocated for a much more aggressive stimulation pack, including strategies to improve consumption and the housing market.<\/p>\n<p style=\"text-align: justify;\">Li promised, on Tuesday,\u00a0to make all effort\u00a0to help the recovery in the country.<\/p>\n<p style=\"text-align: justify;\">\u201cWe will introduce \u2026 more pragmatic and more effective measures,\u201d he said. Furthermore, he stated that the measures are designed\u00a0to increase local\u00a0demand and market dynamism.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; China&#8217;s Premier Li Qiang expressed optimism about the worldwide second-highest\u00a0economy&#8217;s growth. He predicted the growth in the second quarter of 2023 would be higher than in the first quarter. \u201cWe\u2019re on track to achieve the annual growth target of around 5% that we set earlier this year,\u201d he said. He made the remarks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[128,11839,11841,637,11838,278,11840],"class_list":["post-245820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-china","tag-china-economy","tag-china-expansion","tag-covid-19","tag-economic-growth","tag-featured","tag-post-covid"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Premier Expresses Optimism for China&#039;s Economic Growth - Business News Report<\/title>\n<meta name=\"description\" content=\"China&#039;s Premier Li Qiang expressed optimism about the global second-highest\u00a0economy&#039;s growth, saying growth in Q2 may be higher than in Q1.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/premier-expresses-optimism-for-chinas-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Premier Expresses Optimism for China&#039;s Economic Growth - 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