China leaders promise to shore up 2020 growth amid trade war

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Beijing | Published: December 13, 2019 1:06:07 PM

The leadership promised to maintain “stable growth” of the economy and trade amid “downward pressure” but gave no details of their plans. The annual Economic Work Conference lays out broad goals for the coming year.

trade war, us china trade war, China trade war, tariff war, china economyThe statement made no direct mention of the trade battle with Washington but said China faces “mounting risks and challenges at home and abroad.” (Reuters)

China’s leaders have promised to shore up slowing economic growth and reduce poverty in the coming year amid a tariff war with Washington. Leaders of the ruling Communist Party, in a statement reported Friday by state media, pledged at a annual planning meeting to fight “three major battles” against poverty, pollution and financial risks.

The leadership promised to maintain “stable growth” of the economy and trade amid “downward pressure” but gave no details of their plans. The annual Economic Work Conference lays out broad goals for the coming year. Companies and investors usually have to wait for the annual meeting of China’s ceremonial legislature in March to learn details.

The statement made no direct mention of the trade battle with Washington but said China faces “mounting risks and challenges at home and abroad.” China’s economy, the world’s second largest, has been slowing as its leaders strive to attain more sustainable growth by stimulating consumer demand and reducing reliance on exports and government-funded construction. But the trade war and slowing global growth have complicated those efforts.

The economy expanded at an annual pace of 6.0% in the July-September quarter, the slowest growth since 1992. Businesses and consumers unnerved by the uncertain outlook for jobs and growth have reined in spending in another drag on growth.

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