Chinese gov’t pledges to prop up economy

Chinese President Xi Jinping and his top officials pledged to support China’s battered economy next year, as the deaths of two veteran state journalists highlighted the worsening spread of Covid-19 in the capital Beijing.

Xi and his leaders wrapped up their two-day Central Economic Work Conference with a call through state media to intensify policy adjustments and tighten coordination to prop up an economy that analysts say grew just 3%. this year, his worst result in almost half a century.

China will strengthen overall coordination of anti-epidemic policies, ensuring a smooth “transition” during the current health crisis and social order, state media reported on the conference.

“We must first insist on stability next year, as we strive to make progress amid that stability,” the state media tally claimed.

The transition to a year of stability began with spikes in virus infection in Beijing and growing fears that Covid-19 could spread to its 1.4 billion people as people take advantage of the easing of travel restrictions during the New Year. New Lunar, next month.

Economic output to exceed 120 trillion yuan

China’s economic output is likely to exceed 120 trillion yuan ($17.2 trillion) this year, a senior Chinese Communist Party official told state media.

The disruptions caused by the coronavirus, the weakness of both domestic and external demand and the decline of the real estate sector have hampered the world’s second-largest economy this year.

“There is a gap between economic growth and the target set at the beginning of the year, but many other indicators have been better met,” Han Wenxiu, deputy director of the party’s office for economic and financial affairs, was quoted as saying by state broadcaster CCTV.

Han’s forecast for total economic output to exceed 120 trillion yuan this year is equivalent to a 4.9% expansion in gross domestic product (GDP) from a year earlier, according to a Reuters calculation based on official data.

“Judging by the deteriorating pandemic situation and high-frequency month-to-date data, December could see further weakening,” Goldman Sachs analysts said in a note.