BEIJING, Sept 12 — China’s economy is resilient and has not collapsed, the Chinese foreign ministry said today, rejecting claims from the West that its economy is faltering and...
BEIJING, Sept 12 — China’s economy is resilient and has not collapsed, the Chinese foreign ministry said today, rejecting claims from the West that its economy is faltering and could cause wider problems.
Officials from countries including Australia and the United States have publicly raised concerns about the world’s second-largest economy. US President Joe Biden called China’s economic situation a “crisis” while Australian Treasurer Jim Chalmers said a slowing Chinese economy could in turn weigh on Australia’s.
“It seems that there will be various theories of China’s collapse every once in a while,” Mao Ning, a ministry spokesperson, told a regular news briefing.She said China’s economy had great potential and that the fundamentals of long-term improvement had not changed.China’s economic recovery following three years’ harsh Covid-19 restrictions has lost momentum after a brisk start in the first quarter, gripped by weak consumer spending and a deepening property downturn.
Analysts polled by Reuters said the economy would grow 5.0 per cent this year, lower than 5.5 per cent forecast in a July survey. — Reuters
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