China’s President Xi Jinping has promised the country will meet its ambitious GDP growth target of 5% this year, reinforcing its position as the world’s largest economic engine. Beijing took steps to ease monetary policy for the first time in 14 years to boost investor confidence and tackle low consumption.
Following a meeting with IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga, Xi said China is confident in achieving this year’s target and playing its role as the world’s largest economic growth engine. The comments came after China’s benchmark 10-year government bonds hit a record low as investors expect further interest rate cuts.
The country’s trade data showed imports fell 3.9% in November from last year, the most since February, indicating weak demand. However, exports rose 6.7% from a year ago, supported by gains in export competitiveness and exporters front-running tariffs. China is preparing for its Central Economic Work Conference later this month to set the agenda on the economy next year.
Xi has vowed to safeguard China’s sovereignty, security, and development interests amid concerns over higher US tariffs. The country has announced economic stimulus measures and plans to adopt more proactive fiscal policy to boost consumption. Beijing also promised “extraordinary” measures to stabilize the stock market and property sector.
Source: https://www.ft.com/content/d3a729c0-60e8-49f9-b743-43c3a7fbd1ee