China to dispatch economic inspectors to ensure Beijing’s policies are ‘fully implemented’, as warnings mount

Name: Over one-fifth of China’s total GDP under lockdown amid record Covid surge, new report finds
Uploaded: 2022-11-24T10:00:39.000Z
Duration: 2 min 13 s
Description: Over one-fifth of China’s total GDP under lockdown amid record Covid surge, new report finds

Premier Li Keqiang stresses importance of an economically strong fourth quarter to help get China’s full-year growth back to a ‘reasonable range’

But with no mention at State Council meeting of the worsening outbreak situation, analysts continue to ask how economic growth can be achieved amid widespread lockdowns and mobility restrictions

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Over one-fifth of China’s total GDP under lockdown amid record Covid surge, new report finds

Frank Tangin Beijing

Published: 6:00pm, 24 Nov 2022Updated: 2:37pm, 25 Nov 2022

Beijing is doubling down on its efforts to boost infrastructure and equipment renovation, while also relaxing property financing, in an apparent bid to offset the mounting pressure caused by record-high coronavirus infections amid an unwavering zero-Covid policy.

The State Council will dispatch inspection teams before the end of November to enhance the local-level implementations of economic-stabilisation policies, given that the fourth quarter is “key to economic recovery” and “very important” for the full-year growth, outgoing Premier Li Keqiang said on Wednesday at the weekly executive meeting of China’s cabinet.

The decision comes at a time when the world’s second-largest economy is facing a new round of virus disruptions – daily infections have already jumped to more than 31,000 across the country – and these hurdles could impede its recovery path.

“Some measures haven’t been fully implemented, given the different situations of regions. We must continue to push for local enforcement,” Li said, expressing hope for bringing economic growth back to a “reasonable range”.

“We must try to deliver a good outcome,” he said.

Li, who will end his 10-year tenure as premier in March, insisted that a previously released stabilisation package is taking effect and has big potential.