China can maintain high growth and transition to consumer-led economy, premier Li says
Li’s opening speech, which was delivered at a World Economic Frou meeting in Tianjin, is a challenge that is struggling with urgent needs to promote painful structural reforms for the authorities as the Chinese authorities try to push the economic damage caused by the US through policy support.
Most analysts believe that China is faced with two broad ways of 19 trillion dollars: relatively high, slow, growth -caused growth – the Western increase, the tendency to fade as trade tensions – or the large consumer market can be based on a few years of growth while applying reforms to unlock longer -term gains.
However, China’s second official official said that the delegates were optimistic that Beijing could withdraw both.
“We are sure of our ability to protect a relatively rapid growth rate for the Chinese economy.” He said.
“The Chinese economy showed a stable improvement in the second quarter.” “Regardless of how the international environment developed, the Chinese economy gained a strong momentum for growth.” Beijing has set an ambitious 2025 growth target, but most analysts are expected to fight to continue to expand if they cannot be guaranteed with Washington in the coming years. Oxford Economics expects this annual average annual GDP growth from the average of 1999-2019 to 4.5% and 3% in a decade.
Economists say that more policy support for households can facilitate the transition to consumption -based growth, but that change continues to be politically sensitive to the ruling communist party that has long tied its legitimacy to high growth – a serious reason why policy makers have been tracked for more than a decade.
Last year, the International Monetary Fund said that the Chinese economy was needed to transform deeper reforms to transform a person under consumption, including pension reforms, and that he should establish a social security network to reduce the need for great precautionary savings.
“We aim to help China to move from a great production power to a tremendous consumer market.” He said. “This will open large and unused markets for businesses from many countries.”
