China likely to grow about 3% in Q2 – The Paper

The Chinese economy is expected to grow by around 3% in Q2, and it should strive to achieve the annual target of growing 5.5%, The Paper reported, citing Yao Jingyuan, former chief economist and spokesperson of the National Bureau of Statistics (NBS).

Key quotes

“It is not a question of what policy is still lacking, but a matter of implementing the 33 pro-growth measures released by the State Council earlier.”

“Local governments can further reduce the down payment ratio and lower the mortgage rate to boost housing demand, and it is also necessary to offer more support to private and small business to promote employment.”

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