China’s top brass are pledging reforms and dispelling fears of a hard landing in key national meetings that started over the weekend, underscoring Beijing’s efforts to stabilize market sentiment and assert the Communist Party’s leadership.
On Saturday, premier Li Keqiang announced a growth target of 6.5 to 7 percent this year at the annual National People’s Congress, down from last year’s “about 7 percent” while the head of the National Development and Reform Commission, Xu Shaoshi, said that the country will “absolutely not experience a hard landing”.
The pledges come amid concerns about the state of the world’s second-largest economy and Beijing’s ability to manage its own economic transition, which emerged as key discussion points at the Group of 20 finance ministers and central bankers meetings in Shanghai last month.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- European update – The calm before the storm - 10/22/2018
- European open – Markets not feeling China benefit - 10/22/2018
- OANDA Market Insights podcast (episode 36) - 10/19/2018