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No significant increase in virus, Covid restrictions continue in China

No significant increase in virus, Covid restrictions continue in China

No significant increase in virus, Covid restrictions continue in China

China says significant increase in virus, Covid restrictions continue

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  • Xi Jinping led Politburo’s regular economic meeting.
  • China’s GDP expanded by 2.5% in the first half of the year.
  • China’s worst Covid-19 epidemic since 2020 shut down Shanghai.
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China’s senior leaders signalled Thursday that no substantial economic boost was coming and downplayed the need to reach the “around 5.5 %” GDP objective.

State media reported Thursday that authorities will stabilise employment and prices in the second part of the year. Xi Jinping led Politburo’s regular economic meeting.

Wang Jun, director of the China Chief Economist Forum, said the high-level statement of stabilising prices signals no new expansionary policies.

He acknowledged strong prices worldwide and expects China to experience further inflation in the coming months.

China’s State Council unveiled 33 economic support measures in late May, including tax rebates and infrastructure spending.

Wang expects credit and local government bonds to bolster the economy, but authorities won’t “push” 5.5 per cent growth. CNBC translated his Mandarin comments.

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China’s GDP expanded by 2.5% in the first half of the year after a second-quarter dip. In April and May, China’s worst Covid-19 epidemic since 2020 shut down Shanghai and hampered commerce elsewhere.

China’s authorities didn’t hint at any change to its “dynamic zero-Covid” policy on Thursday.

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