The foundations of the recovery “are not strong enough.” However, the country is confident of reaching its goal of economic growth.
The foundations of economic recovery of China they are not enough soliddeclared this Saturday a high-ranking national official of the communist partywarning of the possible indirect effects of the world economic problems.
The latest economic data from the Asian country showed that China’s economy recovered from the slump caused by the pandemic after the government abandoned its zero COVID strategy late last year. However, “the foundations of China’s economic recovery are still not what solid enough“, he claimed Han Wenxiu, deputy director of the Office of Economic and Financial Affairs of the party
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The complicated international scenario
“Some countries have to do balances to stabilize their economies, prices and financial markets,” Wenxiu said, adding that the world economy is at risk of stagflation.
These risks are due to the fact that many developed countries are tightening its monetary policy aggressively, which is causing problems to the banksof external debt and turmoil in financial marketssaid the official at a forum on development in China organized by the government, without identifying any specific nation.
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However, China trust to reach your annual economic growth target around the 5%said Han, noting that this goal had taken into account the need to expand employment and improve people’s livelihoodsas well as the ability to potential growth and various difficulties.
At the moment, China does not have inflation neither deflation apparent. In addition, the Asian country has a Room for maneuver relatively broad in monetary policy, said the official. And, regarding projections and targets, Han also argued that China will continue to expand the market access and welcoming the foreign investment.
Source: Ambito
