China's economy expected to register positive growth in 2020

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wisepowder

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Chinese Premier Li Keqiang on Tuesday said China is set to achieve its main annual targets and register positive GDP growth in 2020.To get
more economy news today, you can visit shine news official website.
Li made the remarks when addressing the Special Virtual Dialogue with
Global Business Leaders hosted by the World Economic Forum, attended by
more than 500 business leaders.
China has managed to quickly bring COVID-19 under effective control
while ensuring people's basic living needs, Li said, stressing that this
has not been easy for a developing country with 1.4 billion people.
"Such achievements have been made possible by the extraordinary efforts and sacrifices of the Chinese people," Li said.
As things stand, the economy has been on the upturn, with more than
seven million new jobs created in urban and rural areas since the
beginning of the year, he noted, calling for more hard work to overcome
risks and challenges.
Tuesday’s data revealed other positive signs. Industrial production and
capital spending picked up in August, while the unemployment rate nudged
slightly lower — 5.6% in August compared to 5.7% in July.
“This growth has brought some jobs back to the market,” said Iris Pang, chief economist for Greater China, in a research note.
“This is indeed the internal growth circulation that China is promoting,” she added, referring to Beijing’s recent focus on spurring
domestic demand and trying to reduce its reliance on foreign trade,
capital, and technology as tensions rise with the West.
The country still faces challenges, though. The unemployment rate is still higher than historic levels, and Beijing’s data does not include
people in rural communities or a large number of the hundreds of
millions of migrant workers.
Even Fu, the government spokesman, said Tuesday that the country still faces “big unemployment pressure” as a record number of new
college graduates enter the job market. He said many of those people
have had trouble finding a job because of the pandemic.
Posted 17 Sep 2020

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