Nov 05, V7N- Chinese Premier Li Qiang expressed strong confidence that the country would achieve its economic goals for the year, citing recent stimulus measures and indicating that there remains potential for additional support. Despite a growth target of around five percent set by the government, China's economy showed its slowest expansion in a year and a half during the third quarter, reflecting ongoing challenges in the post-pandemic recovery.
 
In response to the sluggish growth, the Chinese government has rolled out various initiatives to stimulate economic activity, including interest rate cuts and the relaxation of certain home purchasing restrictions. However, analysts have pointed out that the specifics of these measures have been lacking, leading to some skepticism in the market.
 
Li made his remarks during the opening ceremony of a significant international trade show in Shanghai, where he emphasized the government's commitment to realizing the annual economic targets. He noted that the recent policy package had received positive feedback and highlighted improvements in major economic indicators, increased market confidence, and better social expectations.
 
Despite an initial surge in market activity following the announcement of the stimulus measures, this momentum has waned due to the ambiguity surrounding the details of the policies. Nonetheless, there are signs of improvement, such as a rebound in manufacturing output, which expanded for the first time in six months in October.
 
During his address, Li also indicated that there is room for further policy adjustments. He acknowledged the existing downward economic pressures and stressed the need for enhanced counter-cyclical measures, asserting that there is ample space for financial and monetary policy maneuvers. He concluded that the tools available to policymakers are abundant, suggesting a readiness to implement additional measures if necessary.
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