International apos;uncertainty apos; Will Slow China apos;s Growth Premier Warns
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| - | China's economy is a key driver of global growth and crucial domestically for the ruling Communist Party, which has based its legitimacy on delivering steady economic expansion and improved standards of living<br> <br>China will find it hard to maintain high growth in an increasingly uncertain world, Premier Li Keqiang warned Friday, after Beijing set its lowest GDP target in decades.<br> <br>The country's economy is being weighed down by fears over its "zero-Covid" strategy and post-pandemic recovery, as well as tensions over Russia's invasion of Ukraine -- a conflict that has thrown global markets into disarray and sent oil prices soaring.<br> <br>"At the global level, maintaining medium to high growth for an economy of this size is a major challenge," Li told reporters, addressing media after the annual parliamentary session -- a week of highly choreographed meetings laying out policy for the year.<br> <br>China's economy is a key driver of global growth and crucial domestically for the ruling Communist Party, which has based its legitimacy on delivering steady economic expansion and | + | China's economy is a key driver of global growth and crucial domestically for the ruling Communist Party, [http://kiskanc.net/category/besiktas-escort/ beşiktaş escort] which has based its legitimacy on delivering steady economic expansion and improved standards of living<br> <br>China will find it hard to maintain high growth in an increasingly uncertain world, Premier Li Keqiang warned Friday, after Beijing set its lowest GDP target in decades.<br> <br>The country's economy is being weighed down by fears over its "zero-Covid" strategy and post-pandemic recovery, as well as tensions over Russia's invasion of Ukraine -- a conflict that has thrown global markets into disarray and sent oil prices soaring.<br> <br>"At the global level, maintaining medium to high growth for an economy of this size is a major challenge," Li told reporters, addressing media after the annual parliamentary session -- a week of highly choreographed meetings laying out policy for the year.<br> <br>China's economy is a key driver of global growth and crucial domestically for the ruling Communist Party, which has based its legitimacy on delivering steady economic expansion and improved standards of living<br> <br>But Li was on Saturday forced to announce the unusually modest target of around 5.5 percent growth for 2022 -- the lowest since 1991 -- in his speech opening the annual session of China's rubber-stamp parliament.<br> <br>The world is facing "increasing uncertainties" which will weigh on growth, Li said Friday.<br> <br>But the premier did not answer a question on what the impact of the Ukraine conflict on the Chinese economy might be.<br> <br>China is Ukraine's top trading partner, with the former Soviet republic notably supplying the Asian giant with nearly a third of its corn imports.<br> <br>The country's strict zero Covid policy -- which has helped ensure China did not see the kinds of [https://edition.cnn.com/search?q=virus%20outbreaks virus outbreaks] seen elsewhere -- has also come with a high social and [https://mondediplo.com/spip.php?page=recherche&recherche=economic economic] cost, especially as the rest of the world opens up.<br> <br>China reported 1,369 new Covid cases on Friday -- its highest in two years.<br> <br>Li -- who also confirmed he would step down from his post next March -- has been largely responsible for driving economic policy in recent years.<br> <br>He was widely expected to retire, along with other members of the party's top brass, after a twice-a-decade party meeting later this year.<br> |
