{"id":43466,"date":"2023-11-07T09:52:02","date_gmt":"2023-11-07T09:52:02","guid":{"rendered":"https:\/\/prosfunds.com\/business\/chinese-leaders-defend-state-of-economy-at-global-finance-summit-in-hong-kong\/"},"modified":"2023-11-07T09:52:05","modified_gmt":"2023-11-07T09:52:05","slug":"chinese-leaders-defend-state-of-economy-at-global-finance-summit-in-hong-kong","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43466","title":{"rendered":"Chinese leaders defend state of economy at global finance summit in Hong Kong"},"content":{"rendered":"
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\n Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the world.\n<\/p>\n<\/p>\n

\n Senior Chinese officials have defended the state of the world\u2019s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market.\n <\/p>\n

\n In a recorded message, Vice Premier He Lifeng told the audience of international CEOs that China was on track to hit its growth target of about 5% this year, framing it as a much needed boost for the world economy.\n <\/p>\n

\n \u201cSince the beginning of the year, China\u2019s economy has been picking up in general,\u201d He said Tuesday at the Global Financial Leaders\u2019 Investment Summit, which was organized by the Hong Kong Monetary Authority, the city\u2019s de facto central bank. \u201cIt will certainly inject fresh positive energy into the global economic recovery.\u201d\n <\/p>\n

\n China\u2019s economy enjoyed a\u00a0solid start\u00a0to the year after emerging from three years of Covid restrictions, but the recovery\u00a0fizzled out\u00a0in the second quarter. It is now grappling with mounting challenges,\u00a0<\/strong>ranging from weak consumer spending and a deepening property crisis to a slump in foreign investment.\n <\/p>\n

\n The vice premier\u2019s virtual appearance was followed by an in-person panel of officials including Zhang Qingsong, deputy governor of the People\u2019s Bank of China, who argued that despite recent headwinds, China\u2019s economy was in good shape.\n <\/p>\n

\n \u201cGlobal investors have some concerns about China\u2019s economy, including the pace of economic recovery, problems with property markets, and local government debt. You may ask me, \u2018Are you worried?\u2019\u201d he quipped. \u201cNo, not always. Not too much.\u201d The remark elicited laughter in the room.\n <\/p>\n

\n Producing a series of slides to bolster his case, Zhang pointed to China\u2019s working-age population of more than 900 million, its investment in research and development \u2014 which he said ranked second in the world \u2014 and its long-term status as an export powerhouse.\n <\/p>\n

\n \u201cThe potential of the Chinese economy remains promising,\u201d he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley.\n <\/p>\n

\n Even in the face of increased global uncertainty, the foundation of China\u2019s economy has not changed and remains \u201cstable\u201d from a long-term perspective, Zhang added. He also dismissed concerns about China\u2019s government debt, calling its current level of 79.4% in line with the international average and \u201cmuch lower\u201d than other major economies.\n <\/p>\n

\n In the third quarter, the economy regained some momentum, with gross domestic product up 4.9% compared to a year ago, according to official data released last month.\n <\/p>\n

\n But the recovery appears uneven. <\/strong>Trade data released Tuesday showed a mixed picture in October, with exports falling 6.4%, far worse than the 3.3% drop economists had expected. That marked the sixth consecutive monthly decline in exports.\n <\/p>\n

\n Imports, though, beat forecasts, growing for the first time in eight months with a 3% increase, compared to an estimated 4.8% decline.\n <\/p>\n

\n But the country\u2019s property sector, which accounts for as much as 30% of GDP, has remained a drag, thanks to a continued slowdown in home sales and cash crunch.\n <\/p>\n

\n Zhang noted the concerns, though he tried to shrug them off by describing the situation as a process of \u201cnatural selection.\u201d He suggested it was normal for the industry to experience ups and downs after years of continued expansion.\n <\/p>\n

\n
\n <\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n \u201cLike in other industries, the rapid growth of the property sector cannot be sustained. And sometimes, the supply and demand will experience a major shift, and some correction may follow,\u201d he said.\n <\/p>\n

\n To stabilize the industry, the government has \u201cruled out\u201d many policy measures this year, while introducing new ones to help shore up demand, added the central bank official.\n <\/p>\n

\n These included the construction of dual-purpose facilities in urban areas, the speeding up of renovation projects in big cities and the building of more rental homes, which should stimulate activity, he said.\n <\/p>\n

\n \u201cTherefore, we\u2019re quite optimistic about the future of China\u2019s property market.\u201d\n <\/p>\n

\n Wang Jianjun, vice chairman of the China Securities Regulatory Commission, the country\u2019s top securities watchdog, echoed the hopeful <\/strong>remarks, saying his peers had \u201ctold you that all the concerns [with China] have been addressed.\u201d\n <\/p>\n

\n Recently, China has lifted shareholding restrictions on foreign companies, while also granting more solely foreign-owned companies financial licenses, he added.\n <\/p>\n

\n \u201cAt the moment, the mainland [Chinese] capital market is full of opportunities,\u201d Wang said. \u201cIf you get on this train, then you will certainly [succeed].\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the world. Senior Chinese officials have defended the state of the world\u2019s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in […]<\/p>\n","protected":false},"author":1,"featured_media":43467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-43466","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nChinese leaders defend state of economy at global finance summit in Hong Kong | Prosfunds<\/title>\n<meta name=\"description\" content=\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter, which explores what you need to know about the country\u2019s rise and how it impacts the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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