Li Keqiang Expects Chinese Economy to Maintain Medium-high Growth in 2017

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The Chinese premier has sought to signal Beijing’s confidence in the country’s near-time economic prospects at the latest 1+6 Round Table with international financial leaders.

Addressing journalists at the sidelines of the Second 1+6 Round Table in Beijing, Premier Li Keqiang said that the Chinese economy would continue to enjoy a strong and stable performance in the second half of the year, and that he was confident that China would maintain medium-high economic growth as it transitions towards a medium-high level of development.

Li noted that China is still one of the world’s fastest-growing major economies, making a contribution of in excess of 30% to global economic growth.

According to Li the Chinese government will continue to uphold “seeking progress amidst stability” as the defining theme of its policy efforts; maintain the stability and continuity of the fundamental macro-policy direction, improve macro-policy adjustments, as well as stabilise market expectations.

China’s economy posted 6.9% GDP growth in the first half of the 2017, edging ahead of consensus expectations.

The latest leading indices would appear to bode well for China’s economic performance across the rest of the year, with the the official manufacturing PMI seeing a 0.3 percentage point rise in August to hit 51.7.

Standard Chartered’s China SME Confidence Index also saw an increase in August, rising to 57.4 from 56.0 in July, with analyst Shen Lan pointing to rising willingness amongst companies to expand operations and invest.

The 1+6 Round Table met in Beijing on September 12, 2017 with the theme of “Promoting an Open, Invigourated and Inclusive World Economy,” and enjoyed the participation of World Bank Group President Jim Yong Kim, International Monetary Fund Managing Director Christine Lagard, Organization for Economic Cooperation and Devleopment Secretary-General Angel Gurria, and Financial Stability Board Chairman Mark Carney.

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