"Very difficult" for the Chinese economy to grow 6% or faster: Premier Li By Reuters

SHANGHAI (Reuters) – Chinese Premier Li Keqiang said it was "very difficult" for the Chinese economy to grow at a rate equal to or greater than 6% because of the high base from which it it's launched and the complexity of the international context.

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

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

"For China, maintaining growth of 6% or more is very difficult in the current context of complicated international circumstances and relatively high base, and this rate is at the forefront of major world economies," Li said.

According to analysts, China's economic growth has probably slowed again this quarter, after reaching its lowest level in 30 years (6.2% in April-June). Morgan Stanley (NYSE 🙂 said it was now tracking down the government's target range for the entire year, in the range of 6-6.5%.

In response, the authorities increased their support by announcing on September 6 a reduction in the reserve requirement ratio (RRR) for the third time this year, releasing 900 billion yuan (126.35 billion US dollars) of liquidity in the region. ;economy.