Li: Important questions still surround China's economy

Li: Important questions still surround China's economy
  • Clock-gray 18:20
  • calendar-gray 24 April 2020

Premier of the State Council of the People's Republic of China Li Keqiang noted on Friday that important questions regarding the national economy still exist even though the coronavirus pandemic in the country seems to be fading, as "the international situation is complicated", APA reports citing Tele Trader.  

Speaking during a virtual meeting with six provincial leaders, he stated that it is necessary to boost and adjust macroeconomic policies and "improve implementation efficiency" in order to stabilize "the fundamentals" of the economy as the pandemic still poses "a major challenge" for the country and the world.

It was reported last week that the national GDP dropped 6.8% on a yearly basis in the first quarter of fiscal 2020. On Monday, the People's Bank of China (PBOC) announced a 20 basis point cut to the one-year loan prime rate, which now stands at 3.85% and a 10 basis point reduction to its five-year loan prime rate, which landed at 4.65%.

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