To stabilize the country’s bloodthirsty economy and avoid negative growth in the April-June quarter, Chinese Premier Li Keqiang has been brought back to the forefront to revive the economy.
The Chinese economy is recovering from a double-edged sword and a double whammy of President Xi Jinping’s crackdown on the property and technology industries.
With the Chinese economy virtually shrinking by 6.8 percent in the January-March quarter of 2020, Xi Jinping had no choice but to tap the Premier League to end the economic repression that plagued his office, Nikkei, throughout Asia for a decade. Did. Report
Shir has no choice but to tap the Premier Leak to stop the economic bloodshed. Xi has largely sidelined Leakey throughout their decades in office, but the two have probably reached some sort of agreement now.
China held a massive video conference last week on stabilizing the economy, with Premier Li Keqiang addressing nearly 100,000 senior officials from more than 2,800 municipalities across the country, state state media reported.
According to official state media, “the difficulties in March and especially since April are in some cases and to a certain extent greater than what was experienced when the Covid-19 epidemic hit the country in 2020,” Lee said during the conference.
He pointed to the April-June quarter and called on officials to do more to ensure “reasonable economic growth”.
According to Nikkei Asia, China plans to bring together all central and local government agencies and state-owned enterprises as well as move ahead with infrastructure development projects in July-September in search of a recovery in cruising speed. Including the resumption of construction of nuclear power plants.
The National Bureau of Statistics also announced Tuesday that the Purchasing Managers’ Index (PMI) for China’s manufacturing sector was below the 50-month boom-or-bust threshold for the third consecutive month in May.
China, which once boasted a strong defense against the COVID-19 epidemic, has now been hit hard by the return of the virus and the sharply rising unemployment rate.
The country’s export growth fell sharply to 3.9 percent in April, as stringent COVID-19 controls imposed on the country in late March in Shanghai’s economic hub and other cities began to show their effects on the economy. .
China’s overall trade grew 2.1 percent in April, down significantly from 7.5 percent in March, while export growth slowed sharply to 3.9 percent in April from 14.7 percent in March.
Shanghai lifted its two-month-long lockdown on Wednesday, but the zero-covid policy remains in effect, affecting different parts of the country.