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Chinese leaders defend state of economy at global finance summit in Hong Kong

today 11/07/2023
Chinese officials have reassured global financiers about the state of China's economy, saying that they should not worry despite an uneven recovery and a struggling property market. Vice Premier He Lifeng stated that China is on track to achieve its growth target of around 5% this year, which he believes will provide a much-needed boost to the global economy. Deputy Governor of the People's Bank of China, Zhang Qingsong, also defended China's economy, highlighting its large working-age population, investment in research and development, and its status as an export powerhouse. He dismissed concerns about China's government debt and expressed optimism about the future of the country's property market. Other officials echoed these positive sentiments and outlined the government's plans to support the economy, such as allowing mainland Chinese companies to list shares in Hong Kong and improving access to the Chinese capital market for foreign investors.
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