China urged to set ‘clear road map’ for zero-Covid exit to enable economic recovery as premier looks to fourth quarter
- Premier Li Keqiang said China’s economy generally recovered and stabilised in the third quarter and that Beijing will push ahead in the last three months of the year
- It has been rolling out measures since May, including tax cuts and infrastructure spending, to support the economy crippled by zero-Covid and a property crisis
China’s economic growth outlook hinges on its zero-Covid policy, analysts said, as Premier Li Keqiang pushed forward policy implementation in the last quarter of the year to steady the coronavirus-hit economy.
The world’s second largest economy generally recovered and stabilised in the third quarter, Li said on Wednesday according to state media, with China set to push ahead with its economic programme in the last three months of the year.
Beijing has been rolling out measures since May, including tax cuts and infrastructure spending, in a bid to cushion the blow facing the economy and to boost investor confidence.
It is necessary to enhance confidence, seize this window of opportunity, stabilise market expectations, and promote the full implementation of policy measures
“It is necessary to enhance confidence, seize this window of opportunity, stabilise market expectations, and promote the full implementation of policy measures and their full effect to ensure economic operation, within a reasonable range,” Li told a meeting on government work regarding economic stabilisation for the fourth quarter.
“In view of the prominent contradiction of weak demand, we will find ways to expand effective investment and promote consumption.”
Li’s remarks come as policymakers seek to support the economy crippled by strict coronavirus measures and a property crisis, particularly ahead of the 20th party congress next month.