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China's economy expected to register positive growth in 202017/9/2020

Chinese Premier Li Keqiang on Tuesday said China is set to achieve its main annual targets and register positive GDP growth in 2020.To get more economy news today, you can visit shine news official website.
Li made the remarks when addressing the Special Virtual Dialogue with Global Business Leaders hosted by the World Economic Forum, attended by more than 500 business leaders.
China has managed to quickly bring COVID-19 under effective control while ensuring people's basic living needs, Li said, stressing that this has not been easy for a developing country with 1.4 billion people.
"Such achievements have been made possible by the extraordinary efforts and sacrifices of the Chinese people," Li said.
As things stand, the economy has been on the upturn, with more than seven million new jobs created in urban and rural areas since the beginning of the year, he noted, calling for more hard work to overcome risks and challenges.
Tuesday’s data revealed other positive signs. Industrial production and capital spending picked up in August, while the unemployment rate nudged slightly lower — 5.6% in August compared to 5.7% in July.

“This growth has brought some jobs back to the market,” said Iris Pang, chief economist for Greater China, in a research note.

“This is indeed the internal growth circulation that China is promoting,” she added, referring to Beijing’s recent focus on spurring domestic demand and trying to reduce its reliance on foreign trade, capital, and technology as tensions rise with the West.

The country still faces challenges, though. The unemployment rate is still higher than historic levels, and Beijing’s data does not include people in rural communities or a large number of the hundreds of millions of migrant workers.

Even Fu, the government spokesman, said Tuesday that the country still faces “big unemployment pressure” as a record number of new college graduates enter the job market. He said many of those people have had trouble finding a job because of the pandemic.

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