Economics
China’s Premier Offers Bleak Outlook as GDP Target Hopes Fade
- Li tells officials to lower nation’s unemployment rate
- Economists expect China will miss growth target this year
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China’s Premier Li Keqiang gave his starkest warning yet about the economy as it comes under severe strain from Covid outbreaks and lockdowns, suggesting the government’s growth target is moving further out of reach.
Li held an emergency meeting on Wednesday with thousands of representatives from local governments, state-owned companies and financial firms, calling on them to do more to stabilize growth. He said the economy is in some respects faring worse than in 2020 when the pandemic first emerged and urged more efforts to reduce a soaring unemployment rate.