Leading Chinese planners have voiced confidence in the outlook for the world's second-largest economy, holding key interest rates steady amid signs of improvement in some areas such as services.
“Facts have fully proved that the decision-making arrangements of the party Central Committee and the State Council are correct and the macro-control policies are effective,” Cong said in the briefing, which was carried online.
In a comment reminiscent of past decades, he said the West’s pursuit of material wealth led to “spiritual poverty.” There was no sign markets reacted favorably to the reassurances: the Shanghai Composite index lost 0.4% on Wednesday and Hong Kong’s Hang Seng was down 0.7%.that has left real estate developers struggling with huge debts. As is true in many countries, trends in housing and other real estate spill over into many other parts of the economy, including the willingness of consumers to spend more.
Chinese officials and state-run publications appear to have stepped up a campaign to counter concerns voiced by what the official Xinhua News Agency called “Western naysayers.” They note that China’s planners have been guiding the economy toward a more sustainable model of growth that depends less on heavy construction investment and more on high-value technology and consumer spending.
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