© Reuters. FILE PHOTO – CSCEC Steel Meishan Manufacturing Facility Works
SHANGHAI (Reuters) – Chinese Premier Li Keqiang said it is "very difficult" for China's economy to grow at a rate of 6% or more due to high growth reach starting point and complicated international background.
The world's second-largest economy faced "some downward pressure," due to slowing global growth and rising protectionism and unilateralism, Li said in an interview with Russian media.
China's gross domestic product (GDP) grew by 6.3% in the first half of the year, and Li said the economy is "generally stable" during the first eight months of the year.
"For China, against the background of a complicated international situation and a relatively high base, it is very difficult to sustain growth of 6% or more, and this rate is at the forefront of the world's leading economies," Li said.
Analysts said China's economic growth was likely to continue to cool this quarter after reaching a 30-year low of 6.2% from April to June. Morgan Stanley (NYSE 🙂 claims to track the bottom end of the government's target range of 6-6.5% for the full year.
In response to this, the authorities have increased their support, announcing on Sept. 6 a reduction in the reserve requirement ratio (RRR) for the third time this year, with 900 billion yuan ($ 1
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