Premier Li Qiang, the leader of China, praised recent stimulus measures and said there was still room for improvement on Tuesday ( Nov 5 ), saying he was “fully confident” the nation would achieve its economic goals this year.
Beijing has set a growth target of around 5 % for 2024, but the nation experienced its slowest growth in a year and a half as its post-pandemic treatment remained stubbornly inconsistent.
Analysts have criticized the lack of information the government has provided in its announcements regarding price cuts and the ease of some house purchasing restrictions.  ,
Observers hope a specific figure for the stimulus could emerge from this week’s meeting of the Standing Committee of the National People’s Congress ( NPC ), the top body of China’s rubber stamp parliament, in Beijing.
Speaking Tuesday  , at the opening ceremony of a major international trade show in Shanghai, Li said:” We are fully confident in the realisation of this year’s goals and the development of China’s economy in the future”.
The top, who is in charge of monetary policy, suggested that the government still had room to maneuver when implementing additional steps.
” In the face of upward economic stress, we have the criteria for increasing counter-cyclical changes”, he said.  ,” There is a fairly large room for financial and monetary plans, and the policy equipment are even more plentiful”.
The original market rally that followed the announcement of the measures has since waned, with some investors pointing fingers at the lack of information.
However, recent events have given the business a glimmer of hope, including China’s manufacturing production rising for the first time in six months in October.
According to an independent score released on Tuesday, activity in China’s service sector increased as well.
The Purchasing Managers ‘ Index ( PMI ) for services, calculated by S&, P Global and Chinese business media Caixin, stood at 52 points, up from 50.3 in September. The number is the best since July and everything above 50 is regarded as , progress.