What’s new: China’s GDP growth for the full year of 2021 will surpass its target, Chinese Vice Premier Liu He said Tuesday in a video message delivered to the Hamburg Summit, the state-run Xinhua News Agency reported.
Liu also said the government has strong confidence in China’s economy next year.
The background: Analysts expect China’s economic expansion to continue to moderate in the fourth quarter from the 4.9% year-on-year pace seen in the July-September period, which was the weakest in a year. The economy is grappling with a series of challenges including surging raw material prices and property jitters.
Even so, analysts said China will still be able to achieve its full-year GDP growth target of above 6%, which was announced in March, because expansion in the first half was strong in comparison with the same period in 2020 when the country was in the grip of the coronavirus pandemic.
Related: In Depth: Can China Pull Itself Out of the Economic Doldrums?
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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