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Home / Business / Difficult to maintain 6% growth, says Prime Minister Li Keqiang

Difficult to maintain 6% growth, says Prime Minister Li Keqiang



Chinese Prime Minister Li Keqiang

Xinhua | Xing Guangli | Getty Images

Chinese Premier Li Keqiang said it is "very difficult" for China's economy to grow at a rate of 6% or more due to the high base it started from and the complicated international backdrop.

The No.2 economy faced "some downward pressure" due to slowing global growth as well as the rise of protectionism and unilateralism, Li said in an interview with Russian media published on the Chinese government's website, gov.cn .

China's gross domestic product (GDP) grew 6.3% in the first half, and Li said the economy was "generally stable" in the first eight months of the year.

"To maintain a growth of 6% or more is very difficult given today's complex international situation and relatively high base, and this rate is ahead of the world's leading economies," Li was quoted as saying. [1

9659002] Analysts say China's economic growth has probably cooled further this quarter from a near-30-year low of 6.2% in April-June. Morgan Stanley says it now tracks the lower end of the government's target range for the whole year at around 6-6.5%.

In response, the government has increased its support, announcing on September 6 a reduction in the reserve ratio (RRR) for the third time this year, releasing 900 billion yuan ($ 126.35 billion) in liquidity into the economy.


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