Premier of China has called on the richest provinces of the country to offer economic support to boost the growth measures. China saw consumption and output unexpectedly decreasing in July 2022.
Li Keqiang, premier of China, said a sense of urgency must be strengthened to consolidate the foundation for the recovery of the economy. In a rare move, central bank of China has cut lending rates to revive the demand.
Li Keqiang, also said the economy of China has continued to recover in July 2022, but there were small fluctuations, and the government of China will also take more steps to boost the consumption, and expand the investment effectively.
China, which is the second largest economy in the world, has been badly affected by the widespread COVID-19 lockdowns that have affected both consumers and business. The gross domestic product (GDP) has been decreased by 2.6 percent in the three months to the end of June 2022 from the previous quarter.
Major cities in China, including Shanghai, were put into the complete or partial COVID-19 lockdowns during the period. The key economic indicators shows that China is having a hard time in shaking off the impact, the COVID-19 lockdowns are having on the retail and manufacturing business.
However, the number has missed forecasts for 5 percent growth and has fell short of 3.1 percent in June 2022.
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