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China’s economy stabilises in Q3

Premier Li Keqiang has announced that China’s economy generally recovered and stabilised in Q3. Li made the remarks as policymakers gear up to bolster the economy hobbled by strict Covid curbs and a property crisis. China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales shoring up a fragile recovery, but a deepening property slump weighed on the outlook. With few signs China will significantly ease its zero-Covid policy soon, many analysts expect the economy to grow by just 3% this year, which would be the slowest since 1976, excluding the 2.2% expansion during the initial Covid hit in 2020. The World Bank earlier cut its forecast for China’s growth this year to 2.8%.


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