China’s economy set to remain on steady keel

BEIJING: China will maintain the consistency, stability and sustainability of its macro policies and strive to keep its economic performance within a reasonable range, premier Li Keqiang said on Tuesday.

In talks with International Monetary Fund (IMF) managing director Kristalina Georgieva via video link, Li reiterated the importance of coordinating containment of the Covid-19 pandemic and socioeconomic development, given that the global economy still faces uncertainties.

China is set to secure positive growth of its economy this year, which is a hard-won result for a country with a population of 1.4 billion, he said.

The premier’s remarks came as a number of economic indicators in November, including the purchasing managers’ index (PMI), showed that China’s economic rebound is gaining momentum.

The PMI, a key barometer of the health of the nation’s manufacturing sector, increased to 52.1 percent in November, the highest level this year. The country’s foreign trade also expanded 7.8% year-on-year (y-o-y) in November, with exports jumping 14.9% y-o-y and imports down by 0.8%, according to Customs data.

The IMF projected in its World Economic Outlook in October that China’s economy will expand by 1.9% this year and 8.2% in 2021, saying that strong policy support and resilient exports have underpinned growth.

During the meeting, Li recalled the Fifth “1+6” Roundtable that he participated in last month with the heads of six major economic organisations, including Georgieva. He said that all participants in the meeting affirmed their dedication to upholding multilateralism and working together to cope with global challenges.

The IMF has played an important role in promoting free trade and spurring global economic growth, and the organisation should continue to strive to build multilateral consensuses, Li said.

China, as the world’s largest developing country, will continue to make contributions in this regard, he added. Georgieva hailed the important role that China has played in trade, promoting global economic recovery, poverty reduction and attaining low-carbon growth. — China Daily/ANN

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