Analysis: China’s economy is set to produce its lowest economic growth for 28 years if it meets its official forecasts
if it meets its official forecasts, with the trade confrontation with the US cited as one of the factors in the lowering of expectations.
China's Premier, Li Keqiang, has downgraded China's growth expectations to the lowest level in nearly 30 years.Speaking at the annual National People’s Congress on Tuesday, where the downgrade in expectations was revealed, Premier Li Keqiang said it would be a "tough struggle" to meet the revised target.
China itself provided an unusual perspective on last year’s outcome, saying, according to the South China Morning Post, that the growth in its economy was greater than the entire output of the Australian economy. Making them overt was a mistake because it provoked the backlash from US hardliners and encouraged the Trump administration to act to try to frustrate them.
China’s economic planning agency, the National Development and Reform Commission, said the government would help develop clusters of strategic emerging industries while its Finance Ministry said it would give "full play" to government funds to promote high-quality manufacturing and guide capital and resources towards key areas of strategic importance.
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