China says its economy is ‘resilient’, rejects Western concerns. On Tuesday, the Chinese foreign ministry said that the country’s economy remains robust and has not completely imploded, refuting assertions from the West that the country’s economy is failing and might lead to more widespread issues.
Public concerns have been voiced concerning the economy of the world’s second-largest country by officials from several nations, including the United States and Australia.
Joe Biden, the Vice President of the United States, described the economic situation in China as a “crisis.” At the same time, Jim Chalmers, the Treasurer of Australia, said that a slowing Chinese economy might hurt Australia’s economy.
A Ministry of Foreign Affairs representative named Mao Ning said during a routine press conference that “it seems that there will be various theories of China’s collapse every once in a while.”
Mao continued, saying, “The fact is that China’s economy has not collapsed,” but he did not name Biden or Chalmers.
She said that China’s economy had significant untapped potential and that the principles of sustained economic growth had not altered.
“We are confident and capable of promoting sustained and healthy economic development,” Mao said further.
After getting off to a strong start in the first quarter, China’s economic rebound after the severe COVID-19 restrictions that were in place for the previous three years has stalled due to sluggish consumer spending and a worsening housing market slump.
The economy’s growth rate is expected to be 5% this year, according to analysts surveyed by Reuters. This is a decrease from the 5.5% growth rate predicted in July.
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