Spokesperson reiterates Beijing confident on economy despite stagnation
72 views · Published 24 October 2018 · 1:32 · Indexed 30 September 2026
Channel: AP Archive · 2018 · News & Politics
(19 Oct 2018) The Chinese Ministry of Foreign Affairs on Friday said it remained "fully confident" in China's economy, as finance officials launched a media blitz on Friday to shore up confidence in its sagging stock market. Growth in the quarter that ended in September slipped to 6.5 percent over a year earlier from the previous quarter's 6.7 percent, official data showed. It was the slowest rate since early 2009. The world's second-largest economy already was cooling before a tariff war between Beijing and President Donald Trump erupted. Beijing tightened controls on lending last year to rein in a debt boom, which has weighed on housing sales and consumer spending. The impact of Trump's penalty tariffs of up to 25 percent on Chinese goods in a dispute over Beijing's technology policy has been limited. But with the rest of an economy worth 12 trillion US dollar a year slowing, the communist leaderships has reversed course and ordered banks to lend. Chinese Vice Premier Liu He led the efforts with officials from China's central bank and financial sectors to shore up the confidence, saying the decline is "creating good investment opportunities" in comments carried by the official Xinhua News Agency and business newspapers and websites. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/fe7816654b24d8284d79a416772dc6ea
