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China's economy may face greater downward pressure in 2020: Li Keqiang

China's economy may face greater downward pressure in 2020: Li Keqiang

China's economy has been slowing in recent years, and has also been hit by the US trade war AFP/HECTOR RETAMAL

BEIJING: China's economy could face more downward pressure in 2020 than it did this year, but the government will take steps to keep growth within a reasonable range, state television on Thursday (Dec 19) quoted Premier Li Keqiang as saying.

The government will strive to stabilise economic growth while promoting reforms and preventing risks, Li was quoted as saying.

"Next year, China's economic development is likely to encounter greater downward pressure and face a more complex situation," Li said.

READ: China to keep 2020 growth within reasonable range: Politburo

The government is on track to achieve its key economic targets this year despite difficulties, Li said.

China's economic growth slowed to 6 per cent in the third quarter, a near 30-year low, but full-year growth is expected to be within the government's target of 6 per cent to 6.5 per cent.

READ: Key points in the US-China 'phase one' deal

READ: Commentary: Has China given up on pursuing growth?

Growth in China's industrial and retail sectors beat expectations in November, as government support propped up demand in the world's second-largest economy and amid easing trade hostilities with Washington.

China plans to set a lower economic growth target of around 6 per cent in 2020, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said.

Source: Reuters/aj


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