China Pledges to Stabilize Economy and Plan for Uncertainty
- Cabinet vows support for foreign investment in state bonds
- Acknowledges increasing downward pressure on domestic economy
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China’s cabinet vowed to stabilize the economy and called on officials to avoid measures that harm market expectations as the government struggles to control Covid outbreaks across the country including in the financial center of Shanghai.
A State Council meeting led by Premier Li Keqiang on Wednesday called on the nation to prioritize stable growth and to draft contingency plans to deal with possible greater uncertainties, according to state-owned national broadcaster China Central Television. The meeting pledged to stick to the goals set for this year -- including reaching about 5.5% growth -- even though downward pressure on the economy is increasing.