China hits back at economic fatalists during gathering of policy heavyweights
- Top economic planner dismisses talk of crisis, points to improving metrics and government action to head off deeper malaise
- Tepid market response shows doubts remain over whether the worst has passed
At a conference bringing together some of its top players in economic policymaking, China issued a stern rebuke against what it deemed a “malicious” effort to defame its economic prospects.
Officials briefed reporters on China’s economic performance and planned stimulus policies on Wednesday morning, following months of sluggish growth and massive sell-offs of Chinese equities and yuan which have led to speculation over a broader crisis in the making.
This kind of rhetoric has never been successful
Cong Liang, deputy head of the National Development and Reform Commission (NDRC), had harsh words for critics. “We hear noises both internally and externally that talk down on China,” he said.
“This kind of rhetoric has never been successful and will not succeed, now or in the future.”
While admitting China’s economy is facing “a number of challenges and difficulties”, Cong said there is “every reason” to maintain confidence.
Citing trying moments from the past – the 1997 Asian financial crisis and the 2007-08 global financial crisis – Cong said China has not only weathered those critical periods but has “grown even stronger” in their wake.