Chinese premier says economy on ‘uptrend’, pledges further support

BEIJING, Nov 13 (Reuters) – China’s economy has grown 3% over the past three quarters and is stabilizing on an “uptrend”, Chinese Premier Li Keqiang said, pledging to continue supporting the economy. economy through policy measures.

The comments were made during a meeting with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Saturday during the ASEAN summit in Cambodia, according to a statement released by the Chinese Foreign Ministry on Sunday.

Premier Li also said China is working hard to maintain stable market operations, employment and prices, according to the statement.

“We will continue to promote the full implementation of a set of policies and measures to stabilize the economy with full effect…and strive for better results throughout the year.” , Mr. Li said.

While the government has sought to support the world’s second-largest economy with more than 50 measures since late May, the latest figures out of China point to a slowdown.

Recent data showed an unexpected contraction in exports and imports, a slowdown in inflation and a drop in new bank loans.

China also eased some of its tough pandemic restrictions on Friday, providing respite from the zero-COVID strategy that has dampened economic and industrial activity in the country.

China created more than 10 million new urban jobs in the first 10 months of the year, Li said. China aims to keep the urban unemployment rate below 5.5 percent and create more 11 million new urban jobs this year.

“Countries should strengthen macroeconomic policy cooperation and coordination, so as to form synergy to maintain stability in the global economy and prevent recession,” Li said. (Reporting by Liz Lee and Liangping Gao; Editing by Ana Nicolaci da Costa)

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