Conquer Club

China GDP: economic growth likely to ‘fall far short’, premier admits as crisis concerns mount

Li Keqiang instructs more than 100,000 officials from across China to use whatever resources they have to stabilise the economy as zero-Covid policy remains in effect

But analysts say monetary policy still hasn’t changed much, as Li ‘may have just laid the groundwork for abandoning this year’s GDP growth target’ of around 5.5 per cent

Premier Li Keqiang has conceded that China’s economy is stalling at a dangerous rate and faces critical risks, as he instructed an army of officials from across the country to exhaust all measures to stabilise the economy.

And for the first time, Li admitted that China may miss the “around 5.5 per cent” economic growth target that Beijing laid out earlier this year, according to a transcript of his speech on Wednesday that was verified by officials who attended the meeting.

Speaking candidly during a national teleconference to more than 100,000 bureaucrats – from the State Council to county-level authorities – Li said a realistic target for the year’s second quarter is simply to get the economy back on a growth trajectory.

China upgrades its naval force with its first indigenous aircraft carrier
June 17, 2022

BEIJING — Beijing launched a new-generation aircraft carrier Friday, the first such ship to be both designed and built in China, in a milestone as it seeks to extend the range and power of its navy.

The Type 003 carrier christened Fujian left its drydock at a shipyard outside Shanghai in the morning and tied up at a nearby pier, state media reports said.

State broadcaster CCTV showed assembled navy personnel standing beneath the massive ship as water jets sprayed over its deck and multi-colored streamers flew and colorful smoke was released.

China's ambassador to the U.S. warns of 'military conflict' over Taiwan
Equipped with the latest weaponry and aircraft-launch technology, the Type 003 ship's capabilities are thought to rival those of Western carriers, as Beijing seeks to turn its navy, already the world's largest, into a multi-carrier force.

Satellite imagery captured by Planet Labs PBC on Thursday and analyzed by The Associated Press showed the carrier in what appeared to be a fully flooded drydock at the Jiangnan Shipyard, near Shanghai, ready for launch. It was draped with red bunting, presumably in preparation for the launch ceremony.