China Strives to Meet Yearly Economic Objectives
In an official statement released recently, China's Premier Li Qiang, declared the nation's determination to meet its annual economic goals. The announcement followed recent statistics that fell short of expectations.
Context of the Announcement
The premise of his declaration came in the wake of the country's less than favourable data for July. Economists have been prompted to voice concerns about increasing downside risks to China's goal of achieving approximately 5% gross domestic growth. Data noted a GDP increase of 5.5% in the first half of the year compared to the same period the previous year.
Premier Li's Role and Words
Premier Li Qiang, holding the prestigious position of leader of China's State Council (the country's highest executive authority), addressed these concerns at a council meeting earlier this week.
During the discussion, Mr. Li urged the necessity of enhancing internal demand and promoting consumption. He further emphasized that it's crucial to harmoniously integrate security with development - particularly in relation to bolstering business operations.
Implications on Employment and Property Market
The summarised statement briefly touched on employment issues, mentioning the adoption of 'multiple channels' to augment job opportunities. However, there was a conspicuous absence of discussion about the property market.
Concerns Regarding China's Real Estate Sector
Recent concerns have revolved around the potential overflow impact of China's vast real estate sector on the wider economic landscape. Such worries have intensified this month, particularly as previously robust developer Country Garden now teeters on the edge of default.