HONG KONG: China will continue to boost consumption and protect people’s livelihoods, expanding the country’s positive growth trend, Premier Li Qiang told a State Council plenary meeting on Monday (Aug 18).
Li, whose comments were broadcast by China’s state broadcaster China Central Television, said authorities would strive to achieve the full-year economic growth target set at roughly 5 per cent.
China would “remain calm and actively respond to various uncertainties”, Li said, noting a “severe and complex external environment”.
A temporary trade truce reached by China and the United States in mid-May – and extended last week by a further 90 days – has prevented US tariff rates on Chinese goods from returning to prohibitively high levels.
However, Chinese manufacturers’ profits continue to take a hit from subdued demand and factory gate deflation at home.
Li said China needed to strengthen domestic consumption and continue to stimulate the country’s consumption potential by cleaning up restrictive measures and accelerating new growth areas such as services.
Li added that China should adopt “forceful” measures to consolidate the stabilising trend in the country’s housing market.
He said it was necessary to make greater efforts to stabilise employment, ensure people’s livelihood as well as ensure overall stability for society.
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