‘Very difficult’ for China’s economy to grow 6% or faster: Premier Li

Wednesday, 18 September 2019 00:00 - - {{hitsCtrl.values.hits}}

SHANGHAI (Reuters): Chinese Premier Li Keqiang said it is “very difficult” for China’s economy to grow at a rate of 6% or more because of the high base from which it was starting and the complicated international backdrop.

Chinese Premier Li Keqiang

The world’s No. 2 economy faced “certain downward pressure” due to slowing global growth as well as the rise of protectionism and unilateralism, Li said in an interview with Russian media which was published on the Chinese government’s website, gov.cn.

China’s gross domestic product (GDP) grew 6.3% in the first half of the year, and Li said the economy was “generally stable” in the first eight months of the year.

“For China to maintain growth of 6% or more is very difficult against the current backdrop of a complicated international situation and a relatively high base, and this rate is at the forefront of the world’s leading economies,” Li was quoted as saying.

Analysts say China’s economic growth has likely cooled further this quarter from a near 30-year low of 6.2% in April-June. Morgan Stanley says it is now tracking the lower end of the government’s full-year target range of around 6-6.5%.

In response, the authorities have increased support, announcing on Sept. 6 a cut in the reserve requirement ratio (RRR) for the third time this year, releasing 900 billion yuan ($126.35 billion) in liquidity into the economy.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.